Glaxo vaccine drive accelerates as it buys out its Chinese flu joint venture
UK-BASED healthcare giant GlaxoSmithKline yesterday announced a deal to acquire the remaining 51 per cent of Chinese drug maker and joint venture partner Shenzhen Neptunus Interlong Bio-Technique, for £24m.
Once the agreement is approved by Chinese authorities, Glaxo will become the sole owner of the joint venture Shenzhen GSK-Neptunus Biologicals or GSKNB.
Established in June 2009, GSKNB focuses on the development and manufacture of seasonal and pandemic influenza vaccines for China, Hong Kong and Macau.
Glaxo had previously raised its equity share in GSKNB to 49 per cent in August last year, from an initial 40 per cent.
Glaxo said its decision to acquire the outstanding interest in GSKNB reflects its intention to further expand its vaccines presence in China through establishing local vaccine manufacturing capability.
“GSK has licensed more vaccines in China than any other global manufacturer and has packaged more than 100 million vaccines at our Shanghai facility. Today’s announcement represents an expansion of GSK’s long-term commitment to vaccine supply, manufacturing and development in China,” said John Lepore, vice president and general manager of biologicals and corporate for GSK China.