Shenzhen Investor Forms $23 Million China JV with Montreal's Prometic

Shenzhen Royal Asset Management (SRAM) set up a joint venture with Prometic Life Sciences (TO: PLL), a Montreal area biopharma, to develop three clinical-stage Prometic molecules in China. Prometic will contribute the three candidates to the JV, known as Prometic ChinaCo. The molecules target kidney disease, lung and liver fibrosis. SRAM will invest $23 million in 2017 ($13 million upfront) and for an initial 17% stake in the JV. It has an option to add another $10 million to bring its share of the JV up to 25% following milestones expected in 2018. More details.... Share this with colleagues: // //