Pharnext, Tasly forming drug combo JV
Pharnext S.A.S. (Euronext:ALPHA) and Tasly Pharmaceutical Co. Ltd. (Shanghai:600535) will form a JV to develop combination therapies integrating Tasly's traditional Chinese medicines and Pharnext's drug combination formulations, primarily in cardiovascular and oncology indications. Pharnext will have 30% ownership of the JV, which will be based in Tianjin, China.
The JV will pay Pharnext €2 million ($2.2 million) up front for Chinese rights to Pharnext's PXT3003 to treat Charcot-Marie-Tooth 1A (CMT1A) disease. Tasly will contribute RMB70 million ($10.1 million) in cash for new research at the JV, and "at least as much" to develop PXT3003 for the Chinese market. Tasly will also make a €20 million ($21.9 million) equity investment in Pharnext...