California Biotechnology Inc., has entered a joint...

California Biotechnology Inc., has entered a joint venture to develop pharmaceuticals with two Australian firms.

The Mountain View, Calif., firm holds a 50% interest in Pacific Biotechnology of Sydney. Its Australian partners are Garvan Institute of Medical Research in Sydney, a leading medical research center, and CP Ventures Ltd., a Melbourne venture capital firm.

The new venture, the first major biotechnology company formed in Australia to focus on drugs for humans, will specialize in the development of cardiovascular and anti-inflammatory products.