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news.GlaxoSmithKline (GSK) has signed an agreement to acquire the remaining 51% equity interest in a joint venture company Shenzhen GSK-Neptunus Biologicals (GSKNB) from Shenzhen Neptunus Interlong Bio-Technique (Neptunus) for around £24m ($39m).
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Following the transaction, which is still subject to approval of Peoples Republic of China’s authorities, GSK will become the sole owner of GSKNB.
With this acquisition, GSK intends to expand its vaccines presence in China through the establishment of local vaccine manufacturing capability.
GSK Biologicals chairman and president Jean Stephenne said the decision to acquire the remaining equity interest in GSKNB reflects the importance GSK places in expanding their product offering in China and making new vaccines available to improve public health in this fast growing emerging market.
"GSKNB employees have made good progress preparing the site for the production of influenza vaccines and we look forward to continuing this work," Stephenne said.