October 20, 2008 / 12:49 PM / 10 years ago

UPDATE 1-Pfizer, UCB form JV to speed drug discovery process

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Oct 20 (Reuters) - Pfizer Inc (PFE.N) and Belgian drug maker UCB (UCB.BR) have formed a joint venture company, with investment from the British government, to develop technologies that automate and speed up the drug development process.

The British government’s Technology Strategy Board helped facilitate the formation of the new company, Cyclofluidic, the companies said in a joint statement.

Pfizer and UCB will each have both a seat and scientific observer rights on Cyclofluidic’s board.

The new company, which will collaborate with academics and component manufacturers, will also provide training for both flow chemistry and biology scientists at its facility, which will be located in the south of England, the companies said. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Himani Sarkar)

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