IBio Inc. announced it would set up a joint venture with Eastern Capital Ltd. subsidiaries to develop pharmaceuticals from plants. The joint company, named IBio CMO LLC, will be 70% owned by IBio and 30% owned by affiliates of Eastern Capital. The latter have contributed USD 15 million in cash to the new company, while IBio has delivered research and manufacturing licenses of its proprietary intellectual property for plant-based development of biopharmaceuticals.