Microbix announces new flu vax subsidiary

Toronto-based Microbix Biosystems has created a subsidiary to support its flu vaccine business, including a deal with China's Hunan Biopharmaceutical. The new company, Crucible International Biotechnologies, is valued at C$14 million, which will help finance a new production building.

Microbix will also transfer its Virusmax production technology to Crucible, which should double vaccine production. In 2008, the company entered an agreement with Hunan to create the world's third largest vaccine production facility, capable of creating 120 million doses each year.

- check out Reuters' story