Aoxing Pharmaceutical Company and Johnson Matthey Plc of the UK agreed to set up a JV to develop APIs for narcotic and neurological drugs. The two companies plan to invest $15 million in the new entity over the next five years. An Aoxing subsidiary will own 51% of the venture, while Macfarlan Smith (Hong Kong), an affiliate of Johnson Matthey Pacific Ltd., will hold the remaining 49%. The goal is to produce APIs for the China market. More details...

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