Dec. 18, 2011
On December 19, 2011, Beijing SL Pharmaceutical Co., Ltd., a biopharmaceutical company, entered into an agreement with Lin Chai, a biotechnology firm, to establish a joint venture named Diapin Therapeutics, LLC. The new, US-based JV will specialize in the research and development of drugs for the prevention or cure of diabetes mellitus. Under the agreement, Beijing SL will invest $2m into the JV for a 21.05% stake, while Lin Chai will invest its Diapin project, of which it has exclusive development rights, for a 78.95% stake. The project is evaluated at $7.5m.