GlaxoSmithKline, the UK-based pharmaceutical group, on Tuesday agreed to create a joint venture flu vaccine business in China, in its latest push into emerging markets.
The company will combine forces with Shenzhen Neptunus, which is quoted in Hong Kong, taking an initial 40 per cent stake for £21m with the prospect of increasing to majority control within two years.
The deal allows GSK to enter the potentially large Chinese market for vaccines for the first time, overcoming the local authorities' preference to purchase vaccines from domestic manufacturers.
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