Taipei-A Taiwan-based vaccine manufacturer, along with its subsidiary, signed a memorandum of understanding (MOU) on Tuesday with a Singaporean company for a joint venture in Southeast Asia to explore local markets.
In a statement, the Adimmune Corp., based in Taichung, said the company signed the MOU with its subsidiary, the Enimmune Corp., and the Singapore-listed Innovalues Tech.
Innovalues Tech is a subsidiary of private equity group Northstar, with capital of US$350 million. Innovalues Tech has positioned itself as a provider of biomedicine-related products and has invested in several medical centers in Singapore, Indonesia and Malaysia.
According to Adimmune, the joint venture is expected to be established before the end of the year, with the goal of introducing vaccines for influenza, tetanus and enterovirus into Southeast Asian markets in the initial stage.
The new company will later expand its product line to COVID-19 vaccines, said Adimmune, one of the three Taiwanese biotechnology firms currently developing an indigenous COVID-19 vaccine.
A joint venture overseas will facilitate clinical trials, drug permit applications and marketing of its products locally, Adimmune said, adding that it will consider establishing more bases overseas if the joint venture proves successful.
Adimmune, which is expanding its markets globally, announced earlier this month that it has secured halal certification for its flu vaccine.
The company added that it has also applied for drug permits for its flu vaccine in various Central Asian and Middle Eastern countries.
It added that flu vaccine orders from China have increased five-fold year-on-year this year.
Source: Focus Taiwan News Channel