LONDON (dpa-AFX) - MedImmune, the global biologics arm of AstraZeneca Plc (AZN, AZN.L), and WuXi AppTec Monday announced a joint venture to develop and commercialize MEDI5117, a novel biologic for autoimmune and inflammatory diseases, in China.
As per the terms, MedImmune will provide technical and development expertise, while WuXi AppTec will provide local regulatory, manufacturing, pre-clinical and clinical trial support. WuXi AppTec, a research and development outsourcing company, is a part of WuXi PharmaTech (Cayman) Inc. (WX).
The joint venture will control the development of MEDI5117 for autoimmune and inflammatory diseases in China, and the two companies will have equal ownership in the joint venture.
AstraZeneca / MedImmune will have the option to acquire the full rights to commercialize MEDI5117. WuXi AppTec will earn revenue based on services provided to the joint venture. MedImmune will receive various milestone payments as the program progresses.
Copyright RTT News/dpa-AFX