Oramed Pharmaceuticals (ORMP) said Tuesday that it signed definitive deals to form a joint venture with Hefei Tianhui Biotech that will bring Oramed's oral insulin to market and focus on its protein oral delivery technology.
The joint venture, to be named OraTech Pharmaceuticals, is expected to list on Nasdaq, according to Oramed.
The deals grant Oramed shareholders the right to receive a majority of Oramed's interest in OraTech, the company said.
Oramed also said it will invest $15 million in the joint venture, while Hefei Tianhui Biotech will contribute $60 million. Oramed will also transfer its oral insulin and POD technology, along with other assets, to OraTech, while Hefei Tianhui will supply the oral insulin capsules, the company added.
Shares of Oramed Pharmaceuticals were up over 24% in recent Tuesday trading.
Price: 2.71, Change: +0.54, Percent Change: +24.65
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