US-based Arrowhead Pharmaceuticals, Inc. has formed a joint venture, Visirna Therapeutics, with Vivo Capital to expand the reach of innovative medicines in Greater China.

The company has also entered into a license agreement with Visirna, pursuant to which Visirna will have exclusive rights to develop and commercialize four of Arrowhead’s investigational RNA interference (RNAi) therapeutics for cardiometabolic diseases in mainland China, Hong Kong, Macau, and Taiwan.

Funds affiliated with Vivo provided initial funding of $60 million to Visirna and Vivo will leverage its network in Greater China to support Visirna, particularly in recruiting Visirna’s leadership team and actively engaging in corporate development, clinical, and regulatory strategies in the region.

Arrowhead has a majority stake in Visirna after accounting for shares reserved for the employee stock ownership plan and is further eligible to receive potential royalties on commercial sales.

Under the terms of the agreement, Visirna receives an exclusive license to develop and commercialize four undisclosed investigational RNAi therapeutics targeting cardiovascular and metabolic diseases (Licensed Products) in Greater China (Licensed Territory). Visirna will be wholly responsible for clinical development and commercialization of the Licensed Products in the Licensed Territory. Visirna will be headquartered in Shanghai, and recruitment of management and development staff is currently underway.