Angel Biotech proposes joint venture with Russia's Materia Medica
Scotland-based Angel Biotechnology (ABH: LON) saw its shares leap 20% to 0.28 pence on Monday after it announced the formation of a joint venture with Russian customer Materia Medica Holdings, which could be worth £15 million ($23.7 million).
Angel, a biopharmaceutical contract manufacturer, says that it has agreed non-binding Heads of Terms with Materia Medica to form a joint venture company 51% owned by MMH and 49% owned by Angel. The purpose of the JV is to commission new product programs and to manage their production in a dedicated GMP unit operated by Angel, on behalf of MMH.
MMH to fund the expansion
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