Jean Stéphenne, president and general manager of GlaxoSmithKline Biologicals, said, “This new alliance enables GSK to build new vaccines capability in a critical emerging market such as China. The new joint venture will combine the potential of GSK’s adjuvant technology and expertise in vaccine development together with the extensive experience of Shenzhen Neptunus in the Chinese vaccines market. Together we will gain access to specific local influenza antigens and make available new vaccines to benefit public health in China and neighboring territories.”
The alliance will develop and manufacture influenza vaccines for China, Hong Kong and Macau that will include vaccines for seasonal, pre-pandemic and pandemic influenza. These vaccines are expected to become available during the next few years. GSK will provide access to its adjuvant system, which helps to improve efficiency and optimize production by increasing the number of vaccine doses that can be produced using a smaller amount of antigen. Shenzhen will provide additional local manufacturing capacity and R&D expertise. Both companies will provide further investment in manufacturing.
GSK will take a 40% stake in the joint venture, contributing $33.5 million in cash and assets. Shenzhen Neptunus will take a 60% stake equivalent to $49.4 million. Under the terms of the agreement, GSK is expected to purchase additional shares and obtain a majority equity interest in the joint venture within the next two years.