Daiichi Sankyo and GlaxoSmithKline have agreed to form a 50-50 joint venture for the development and distribution of vaccines in Japan. The joint venture, which will be named Japan Vaccine and which will commence business in July 2012 with an initial capitalisation of ¥100 M (US$1.2 M), will inherit development and commercialisation rights to prophylactic vaccines from both parent companies. Its business will later be expanded as new vaccines from the pipeline are approved.