Amgen In Chinese Joint Venture

Thousand Oaks-based biotech giant Amgen said Thursday that it is in a joint venture with Chinese company Zhejiang Beta Pharma, to commercialize the firm's Vectibix (panitumumab) product in the Chinese market. Financial arrangements of the joint venture were not announced. The two said the new JV will be named Amgen-Beta Pharmaceuticals Co., and that Zhejiang Beta Pharma will own 51 percent of the company, with Amgen owning the remaining 49 percent. Amgen's Vectibix is used to treat colorectal cancer, and was approved in the U.S. in 2006.