MedImmune and WuXi AppTec announce biologic jv for China
Project will develop and commercialise MEDI5117 for autoimmune and inflammatory diseases
AstraZeneca has strengthened its commitment to expansion in Asia through a joint venture between MedImmune, its global biologics arm, and Shanghai-based WuXi AppTec.
The joint venture will involve the development and commercialisation of MEDI5117, a novel biologic for rheumatoid arthritis and other autoimmune and inflammatory diseases, in China.
MedImmune will provide technical and development expertise, while WuXi AppTec will provide local regulatory, manufacturing, pre-clinical and clinical trial support.
Bahija Jallal, executive vice president, Research & Development at MedImmune, said: ‘This strategic partnership will enable us to establish a leadership presence in developing novel biologics in China, complementing AstraZeneca‘s investment in this important emerging market.’
The companies will have equal ownership in the joint venture with AstraZeneca/MedImmune given the option to acquire full rights to commercialise MEDI5117.
WuXi AppTec will earn revenue based on the services it provides to the joint venture while MedImmune will receive various milestone payments.
According to healthcare consultancy IMS Health, the Chinese pharmaceutical market grew from US$10bn in 2004 to $41bn in 2010 and is projected to grow to more than $100bn by 2014.
