Jiangsu Sinopep-Allsino Biopharmaceutical (SHA:688076) partnered with Nanjing Vazyme Biotech (SHA:688105) in a cooperation agreement to set up a biopharmaceutical joint venture, according to a Shanghai bourse filing on Saturday.

The venture will set up production lines that will produce 10 tons of active pharmaceutical ingredients every year.

Sinopep-Allsino will own 51% of the venture, and Vazyme Biotech will hold 49%.

Sinopep-Allsino's shares closed 10% higher, while Vazyme Biotech's shares closed over 5% higher.