8:01AM Sinovac Biotech establishes joint venture to expand human-use vaccine development and manufacturing capabilities; SVA to own 55% in joint venture by year end 2010 (SVA) 7.21 : Co announces that it executed a joint venture agreement to establish Sinovac Vaccine Technology Co. The J.V. will research, develop, produce and commercialize human-use vaccines. Sinovac will contribute its expertise and experience in developing and commercializing world-class vaccines; the other party will bring its land use rights, manufacturing facilities and established operating infrastructure. SVA, through its wholly-owned subsidiary Sinovac Biotech Ltd, shall make an initial cash contribution of approximately $8.8 mln. Dalian Jin Gang Group, the other party, shall make an asset contribution, inclusive of its manufacturing facilities, production lines and land use rights, with an appraised value of approximately $22.5 mln. Equity interest is divided 30% and 70% between Sinovac and Dalian, respectively. Pursuant to the agreement executed between Sinovac and Dalian Jin Gang Group, SVA will increase its equity shares to 55% in exchange for a cash contribution of approximately $7.5 mln, on or before December 31, 2010. Based on current projections, Sinovac Dalian's development pipeline is expected to be comprised of vaccines for rabies, mumps, varicella, and rubella. The Dalian-based facility has a designed annual manufacturing capacity of 20 million doses of vero cell cultured vaccines and 20 million doses of live attenuated vaccines.
surf's up......crikey
