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Glaxo's JV with Walvax

GlaxoSmithKline Plc agreed to form a joint venture with Jiangsu Walvax Biotech Co to develop children's vaccines for use in China, the UK company's second such venture in the country this year.

The venture will make and distribute the UK company's Priorix vaccine against measles, mumps and rubella, and possibly produce shots against other childhood illnesses, Glaxo said in a statement yesterday. Glaxo will invest 20.1 million pounds initially, and another 7.3 million pounds in 2015, while Walvax will put a total of 13.8 million pounds into the deal.