Promethera to form joint venture with Hao Tian Development-backed Aceso Life Science.

Promethera, a firm developing therapeutic products from stem cell technology for the treatment of liver diseases, to form joint venture with Hao Tian Development-backed Aceso Life Science, a company, which goal is to introduce life science assets to Greater China and Southeast Asia by acquiring intellectual property and undertaking R&D, distribution and commercialization. Financial terms were not disclosed. Aceso and Promethera hold 60% and 40% of the equity in the joint venture company, respectively. The joint venture company is vested with the exclusive right to develop, register, distribute and commercialize Promethera's therapeutic products in China and Southeast Asia. “The agreement with Hao Tian Development will provide the necessary platform for the development and commercialization of Promethera® Group’s cell-based and biologicals-based therapies targeting end-stage liver diseases and beyond in China and Southeast Asia,” John Tchelingerian, Promethera President and Chief Executive Officer.