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ComGenex to set up $5 mln joint venture with Japanese biotech firm

Hungarian biotechnology company ComGenex is setting up a company with Japanese peer OncoTherapy Science (OTS) to develop new cancer drugs, business daily Világgazdasag reported on Tuesday, quoting a report from Japan's Mainichi Shimbun. The company, in which ComGenex and OTS will each own half, will need startup capital of $5 million. Already, several Japanese venture capital companies have said they would put up the money, ComGenex managing director László Ürge told Világgazdaság. Work at the company could start as soon as the fourth quarter of 2005, he added. Later, OTS or ComGenex could buy out the other partner's share of the company, but the owners could also decide to list the company on the stock exchange, Ürge said. OTS brings to the partnership cancer-specific molecules it has developed, while ComGenex brings its technology and know-how, as well as its own molecule bank.