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China's Tasly to form pharma JV with UK Co-op group

Tasly Group, which is the parent of listed Tasly Pharmaceutical, has signed an agreement to form a pharmaceutical joint venture with the UK's Co-operative Group, in Tianjin in northern China.

Tasly Group, which is the parent of listed Tasly Pharmaceutical, has signed an agreement to form a pharmaceutical joint venture with the UK's Co-operative Group, in Tianjin in northern China.

According to a statement on the Tasley website, the venture's registered capital is USD 18m, with total investment expected to be in the region of USD 40m.

The new venture is slated to begin operations in 2009 with annual capacity of 200 millon pills and 200 million capsules. All the drugs manufactured by the plant will be exported to the EU market.

The tie up will give the Co-op, which operates more than 600 chemists in the UK and a pharmaceutical wholesaling business, greater control over its supply chain.

No further financial details were disclosed.

The Tasly Group was founded in 1994 and specialises in modern traditional Chinese medicine as well as scientific R&D and production. It is one of China's top three pharmaceutical suppliers, with a market value of around GBP 1.1bn (USD 2.2bn).

6th August 2007

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