Snow Brand Milk Products said it has reached a broad agreement to establish a joint venture in the field of clinical nutrition. The new operation is expected to be up and running by the end of next month. Some 40% of the new company#;s capital will be provided by Otsuka, with the other 40% coming out of Snow Brand#;s own coffers. The remit of the new company is not exactly clear, although it is also expected to include work on businesses outside the area of clinical nutrition.