SINO BIOPHARM (01177.HK) announced that Chia-Tai Tianqing, a subsidiary of the Company, would establish a joint venture company with Akeso Biopharma, the purpose of which is to jointly develop the project of recombinant humanized anti PD-1 monoclonal antibody AK105 and strive to promote the registration, launch and commercialization of the related drugs. 

The registered capital of the Joint Venture shall be in RMB689 million, where each of Chia-Tai Tianqing and Akeso Biopharma will own a 50% interest. Of which, nearly RMB345 million will be contributed by Chia-Tai Tianqing in cash, while Akeso Biopharma will contribute all of its interests in intellectual property rights and related technology in the AK105 Project as intangible assets. 

The AK105 Project has completed the phase I dose-escalating study in Australia and the phase I clinical trial in the PRC, showing stable pharmacokinetics features and satisfying initial anti-tumor efficacy.