JV Plan For Xenova Discovery And Finland's Wallac

Xenova Group subsidiary Xenova Discovery is to set up a joint venturecompany with Finland's EG&G Wallac. The new company, to be called Advant, will "address the rapidly growing market for R&D services to the pharmaceutical and biotechnology industries....and provide a unique customized labeling, assay design and development and high-throughput screening," according to Xenova.

Under the terms of the agreement, Xenova Discovery and Wallac will each license to Advant certain of their proprietary technologies. Advant will access the market through an independent marketing and technical team, working from existing Xenova and Wallac facilities, and Wallac's sales forces in the USA and Europe.

Commenting on the plan, Xenova Discovery chief executive David Oxlade said the "rapid growth in the number of disease targets from genomics research will necessitate faster, more reliable and more cost-effective screening," adding that he believes Advant will provide companies looking to enhance their productivity in drug discovery with a "highly-valued service." Xenova Group chief executive Louis Nisbet welcomed the JV, saying it would make an "early positive contribution" to the company's revenues.