BRIEF-Prometic Life Sciences Inc entered into a binding memorandum of terms with Shenzhen Royal Asset Management
March 30 Prometic Life Sciences Inc:
* Prometic Life Sciences Inc - entered into a binding memorandum of terms with Shenzhen Royal Asset Management to establish a joint venture
* Prometic Life Sciences Inc - prometic to own 75pct of joint venture following SRAM'S $33 million investment
* Prometic Life Sciences - to establish JV for development, manufacture and commercialization of PBI-4050, PBI-4547 and PBI-4425 in China
* Prometic Life Sciences - SRAM will provide $23 million in 2017, to secure an initial 17pct ownership of prometic chinaco
* Prometic Life Sciences Inc - SRAM will have right to increase ownership in prometic chinaco to up to 25pct with further $10 million investment Source text for Eikon: Further company coverage: