PT Pyridam Farma Tbk has signed a memorandum of understanding to form a joint venture (JV) with Hankook Korus Pharm Co. Ltd. to develop a biopharmaceutical factory worth $12 million in Indonesia. Following the transaction, Pyridam will hold a 51% stake in the JV.

The plant is expected to start operations in 2015 and will produce erythropoietin, PEG interferon Alfa-2b, and human growth hormone.