January 20, 2011

  

Microbix appoints CEO and chairman of new vaccine joint venture in China

 

Microbix Biosystems Inc., has named the management leaders for the Hunan/Microbix Joint Venture which will build and operate Asia's largest influenza vaccine production facility.

 

The team will be led by Chris Baron, CEO, a former GSK and Novartis executive responsible for international vaccines.  Baron also established and led GSK's joint venture that is now the largest foreign vaccine manufacturer in China.  Jacques-Francois Martin, who will be Chairman, brings 30 years of worldwide vaccine and pharma management experience to the China venture.

 

The new CEO, Chris Baron said, "I am delighted and privileged to participate in this exciting investment in Changsha, China. The health and economic benefits of influenza vaccination are extremely well documented globally, and I look forward to working with our partners to provide Hunan Province self-sufficiency with a truly world class vaccine. This investment will also further enhance innovation in this fast growing region of China." Jacques-Francois Martin, the joint venture's chairman, said, "I'm proud to be part of what will be the largest and most far-reaching public health initiative ever in Asia.  It will bring China closer to the WHO guidelines for vaccination."

 

In December, Microbix announced that the Hunan/Microbix joint venture will have start-up capital of more than CAD7 million (US$7.04 million) to begin the three-phase development of the 120 million-dose influenza vaccine facility. For Phase 2, the joint venture will require approximately CAD50 million (US$50.3 million) to build the initial 20 million dose plant. Microbix and Hunan will jointly raise these funds to complete construction of the manufacturing facility, and provide material for clinical trials. In Hunan, Microbix has a committed joint venture partner that has demonstrated it will manage the local issues to support the success of the vaccine project. 

 

Microbix, CEO, William J. Gastle, said, "We've combined an outstanding management team, with strong financial resources and our innovative vaccine production technology to build the most advanced vaccine facility in the world.  This joint venture will serve public health needs in China and potentially throughout Asia and will reward Microbix and its shareholders with strong returns on investment."

 

Baron and Martin, with their years of vaccine expertise and experience in China, have already begun recruiting an experienced team of international vaccine and pharmaceutical managers to the Hunan/Microbix Joint Venture, including a global supply-chain expert; and a former CEO of a Chinese pharma company with experience building three large plants in China, and gaining Chinese regulatory approval for manufacturing and marketing pharmaceutical products.