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BGI Genomics, Kangmei Pharmaceutical to Form RMB 50M Joint Venture

NEW YORK (GenomeWeb) – BGI Genomics and Kangmei Pharmaceutical are planning to form a joint venture to apply genomics to traditional Chinese medicine.

Under an agreement signed last week, the partners will invest RMB 50 million ($7.6 million) into the JV, which will be based in Shenzhen, with Kangmei providing RMB 47.5 million and BGI contributing instrumentation and technology worth RMB 2.5 million.

Kangmei, based in Puning in Guangdong Province, sells pharmaceuticals and health food products, specifically plants used in traditional Chinese medicine.

The partners originally signed a collaboration agreement at the end of October.

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