the main purpose of the jv is (besides all the peptide based drugs like the nasal and injectable calcitonin) to produce also biosimilars (generic versions of biotech products) like interferon and other drugs.
I think they have excellent partners and will compete with the other big players like NVS as an e.g.
The china jv is with the big boys as you probably know: The same guys who bought the pc division from ibm (lenovo) and the other part is a hf run by goldman sachs.
They are obliged to invest as much as 700mln in the jv partner of ugne.
You are not doing this for fun thats for sure. Check out some posts on the rb end of december 07 and start of 08. There is a interfax message somewhere posted with some nice numbers attached.
But believe me, the calcitonin stuff is worth 500mln plus ... and it is a no brainer. First desease modifying therapy that acts also a pain killer! all in one and its already so well investigated that this is a no brainer! Biomarkers as well as studies all over the place. And we are talking here about a drug that has a safety record of 30 years plus not like vioxx. Plus most of the trials are done with the nasal which works not half as good as the pill will .. lies in the nature of the administration path (nasal has a variability of 3-30%!, which means it hardly works)
Indeed, financing at any cost is greeted with appreciation at this point. But when is UGNE going to start producing for us? Many of us have been waiting over five years and still nothing but stock pops from borrowing more money!