GSK and Daiichi create joint development venture in Japan

GlaxoSmithKline ($GSK) and Japan's number three pharma company Daiichi Sankyo have created a joint venture to bring new treatments to the Japanese market, according to a report in the Nikkei.

First, the JV plans to sell approved products contributed by each company, with GSK offering up its cervical cancer vaccine, according to a report in Reuters. Then the two plan to work on new products that aren't already available in Japan.

The key focus of the new JV is on vaccines. GSK sold ¥60 billion worth of vaccines in Japan last year, and Daiichi is looking to build up its work in a field that contributed $1.73 billion in revenue back in 2010.

- here's the story from Reuters