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VaxGen to establish joint venture in South Korea to manufacture AIDS vaccine.(Brief Article)
2002 APR 3 - (NewsRx.com & NewsRx.net) -- VaxGen, Inc., a U.S. biotech company, has signed an agreement to set up a joint venture with South Korean firms to manufacture an AIDS vaccine currently in clinical trials.
The new company, Celltrion, will be established by the end of next year with two Korean companies and the state-run Korea Tobacco and Ginseng Corp., South Korea's Ministry of Commerce, Industry and Energy said in a statement.
The $150 million plant will be built in an industrial complex in Incheon, west of Seoul.
Under the plan, San Francisco-based VaxGen will own 45% of the venture, and the rest will be held by South Korea's Nexol Biotech Co., J. Stephen & Co., and the Korea Tobacco & Ginseng Corp.
"We chose South Korea because it has a very good technology ...
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...investors -- including Nexol Corp., Korea Tobacco and Ginseng Corp. and J. Stephen...Francisco and a larger facility in Incheon, South Korea. Vaxgen will provide the technological...a growing biotechnology industry in South Korea. "There's really virtually no downside...
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...to an upcoming sale of its shares, Korea Tobacco & Ginseng Corp. said Wednesday...valued at $350 million. On Wednesday, Korea Tobacco said in a statement it would pay W150...if the share price increases," a Korea Tobacco spokesman said. UBS Warburg, Goldman...
Source: HighBeam Research, VaxGen to establish joint venture in South Korea to manufacture AIDS...