Animal genetics firm Genus Plc said on Monday that it successfully formed its Chinese porcine joint venture on 31 January.
As announced last September, Genus said it believes its joint venture partnership with Beijing Capital Agribusiness provides the best platform to accelerate the growth of the PIC China business.
Following successful formation of the JV, Genus will receive a gross cash payment of $160m. This is in addition to a gross milestone payment of $7.5m, which was recognised in the group's fiscal first half.
As a result of Genus's JV ownership of 49%, PIC China will be deconsolidated from group accounts, it said.
The company said management will discuss the pro-forma implication of the JV formation during the interim results announcement in February.