Angel Biotech, OOO NPF Materia Medica Holding biomanufacturing news
Angel Biotechnology and pharmaceutical company NPF Materia Medica will form a 40/60 JV, AB Biotechnology Ltd. Angel said it expects to reduce its holding in the JV going forward. The deal is expected to close early this month.
Additionally, Angel said its board conducted a review of the company's options after recent trading difficulties and loss of capital. The review concluded that the company's future is dependent on the completion of the AB Biotechnology JV deal, as well as the completion of a second deal to better develop its contract manufacturing business. Angel said "there are reasonable grounds for the Board to expect" a deal to be reached with a consortium of overseas development and marketing companies by the end of March to create a JV to operate Angel's CMO business. Angel added that the deal may include the creation of an Angel subsidiary as well as a £1 million ($1.6 million) investment in the subsidiary from the strategic partner. ...