Shanghai Sanyou Medical (SHA:688085) established a biotechnology joint venture in partnership with South Korean counterpart CGBio, according to a Shanghai Stock Exchange filing on Friday.
The venture, Litian (Taicang) Biotechnology, has a registered capital of 60 million yuan and will develop regenerative medicine, such as innovative cellular biomaterials.
The Chinese orthopedic products manufacturer invested 39.6 million yuan, owning 66% of the venture, and CGBio injected 20.4 million yuan, holding the venture's remaining 34%.
Sanyou's shares closed less than 2% higher.
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