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GSK and Daiichi Sankyo to form joint venture
Friday, 2nd March 2012
GlaxoSmithKline and Daiichi Sankyo Co have agreed to form a joint venture which is expected to create the number one vaccines company in Japan.The JV will hold the development and commercial rights for already existing preventative vaccines from both parent companies.
It will supply globally recommended vaccines including human papillomavirus (HPV) vaccine, rotavirus vaccine, seasonal flu vaccine, mumps vaccine, diphtheria pertussis (DTP) vaccine, and measles rubella vaccine.
The business will be expanded in the future as new vaccines in the JV development pipeline are approved.
Both companies will sell their respective vaccines into the JV at agreed upon prices and expect sales synergies from the JV.
The companies will have an equal stake in the joint venture and will split the JV's profits 50-50 with a portion going toward funding ongoing capital needs of the JV.
There will be a minimal total cash investment of Yen100m (approximately £800,000) split equally between the two companies to cover the start up capital requirements of the JV.
At 8:17am: (LON:GSK) GlaxoSmithKline share price was +0.5p at 1405.5p
Story provided by StockMarketWire.com
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