Bio-Bridge Science and JR Scientific report plans to invest RMB 10 million, or $1.43 million, to set up a joint venture that will supply biomaterials in China and other countries.
The firms signed a a nonbinding memorandum of understanding to effect the formation of the JV, which will be carried out with other investors in China. JRS has agreed to transfer technology and know-how to the JV. The new entity will produce culture medium, serum, and other biomaterials for sale.
The JV will serve as a source of revenue for Bio-Bridge. With an HIV-PV vaccine for prevention and treatment of HIV in preclinical testing, Bio-Bridge will also gain a new supplier for the relevant vaccine material.