* JV will make child vaccines for use in China
* Glaxo to get 65 pct equity, Walvax to get 35 pct
* Is part of Glaxo's strategy to expand in emerging markets
LONDON, Oct 6 Britain's GlaxoSmithKline (GSK.L)
said on Tuesday it is to expand its presence in China after
signing a joint venture agreement with Walvax, a vaccine-maker
in the region.
The joint venture is part of a strategy by Glaxo, the
world's second biggest pharmaceutical company, to expand in
emerging markets which has seen it sign deals this year with
organisations in Brazil, the Middle East and India.
Under the terms of the deal, the joint venture will produce
child vaccines, including the measles, mumps, and rubella shot
Priorix, Glaxo will build a manufacturing facility in China, and
pass on its technology to enable local production over time.
Glaxo will invest 20.1 million pounds ($32 million) up-front
and 7.3 million more in 2015, and get 65 percent of the joint
venture, while Walvax will spend 13.8 million pounds and get 35
(Reporting by Ben Deighton; Editing by Victoria Bryan)