Magic Storm Entertainment announced its collaboration with Josephson and Lee Thursday.
Dan Gilroy penned the screenplay for the film, which tells the story of a young Chinese expatriate, Ming, who must choose between remaining in prison or enlisting in a secret U.S. super-soldier program, which uses targeted genetic enhancements from various animal species.
"Barry is the perfect partner at every level to produce a film of this magnitude that targets a global market, including mainland China," Eric Mika, chief executive of Magic Storm Entertainment, said in a statement. "Barry's talents combined with Dan Gilroy's explosive script makes Stan Lee's treatment extremely powerful and a cornerstone for a unique franchise. "
"One of my dreams when I became a producer was to work with Stan Lee. Now with Dan Gilroy's magnificent script, that dream will become a reality," said Josephson.
"Connecting with my fans in China and worldwide has always been incredibly important to me and so I am beyond thrilled that I get the chance to create such a fascinating and powerful Chinese superhero with the 'Annihilator,' in partnership with Magic Storm Entertainment and Barry Josephson. Dan's story and character is unlike anything I have developed before, so I wait with intrigue as we begin to reveal more details about the 'Annihilator' franchise and to hear what audiences think as they immerse themselves into his world through the film. We are thrilled to welcome Barry Josephson on board to produce the film," Lee said.
No casting or release date for the film have been announced yet.