Clinical-stage biotechnology company Novavax has announced the formation of a joint venture with Cadila Pharmaceuticals of India. The alliance was formed to develop, manufacture and market pharmaceuticals, vaccines and diagnostic products in India. Cadila will hold an 80% stake in the venture, and Novavax the remaining 20%.
The joint venture will be funded by an US$11 million capital injection from Cadila into Novavax, along with revenues from the sales of biogenerics. It will conduct clinical testing and registration of products that will be marketed and sold in India, once approval has been obtained from the India Foreign Investment Promotion Board.
The strategic alliance will enable Novavax to utilize Cadila’s research, clinical development and manufacturing expertise, and its infrastructure.
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