October 6, 2009 / 9:31 AM / 8 years ago

UPDATE 1-Glaxo enters joint venture with China's Walvax

* 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 (Adds details)

LONDON, Oct 6 (Reuters) - 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 percent. (Reporting by Ben Deighton; Editing by Victoria Bryan)

    $1=.6279 POUND

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