US biotechnology company Chiron, which is collaborating with Viagene of San Diego, California, in the development of anticancer and treatments for other diseases using genetic technology, has acquired a 19.4% holding in Viagene, by investing $32 million in equity and initial research funding.
Under the terms of the agreement, R&D costs will be divided equally between the two companies but with Viagene footing the bill for the first $12 million. Viagene will also be responsible for preclinical research, while Chiron will undertake clinical trials and registration. After the first $24 million the two companies will split the cost of R&D.
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