Cadila Pharmaceuticals Ltd has informed that it has tied a joint venture pact with US-based vaccine company Novavax Inc to introduce a vaccine against swine flu in India, among other things.

Under the arrangement, the Cadila will hold 80 per cent stake in the Joint Venture company, while balance stake will stayed with Novavax.

Both partners signed the agreement in March, this year.

The joint venture, which will be known as 'CPL Biologicals Pvt Ltd' will be started with an initial investment of Rs 100 crore, and would potentially market some 50 million doses of the vaccine annually in India.

Besides swine flu vaccine, the joint venture would also work on the development of "novel, affordable vaccines" to prevent avian flu, cancer, SARS, chikungunya and more such diseases.

It should be noted that Cadila Pharma is the largest shareholder of Novavax, a Nasdaq-listed, clinical stage biotechnology company, and has a position on the Novavax board.