BioLineRx (BLRX) and Chinese venture capital fund I-Bridge Capital have entered into a joint venture in China called iPharma which will develop therapeutic candidates originating primarily from BioLineRx. The products will be aimed at global markets in addition to China. According to the terms of the agreement, ach partner will contribute $1M in seed capital. BioLineRx will vet early-stage drug candidates in Israel. The emphasis will be on therapeutic indications of particular interest to Chinese patients. Promising product candidates will be in-licensed by iPharma for further development and commercialization in China and potentially other markets. Once a threshold of in-licensed programs is reached, iPharma plans to raise additional capital from Chinese investors. Each partner is protected from dilution for five years. The first license should be consummated in the next few months.