Tasly Group, parent of listed Tasly Pharmaceutical Co Ltd (stock code: 600535), said it has signed an agreement to form a pharmaceutical joint venture with the UK's Co-operative Group, in Tianjin in northern China.

According to a statement published on its website, the company said the venture's registered capital is 18 mln usd, with total investment expected to be 40 mln usd.

The new venture is due to enter operations in 2009 with annual capacity of 200 mln pills and 200 mln capsules. All the drugs manufactured by the plant will be exported to the European market.

No further details were provided.