BeiGene to build biologics manufacturing facility in Guangzhou, China.
M2 PHARMA-March 9, 2017-BeiGene to build biologics manufacturing facility in Guangzhou, China
(C)2017 M2 COMMUNICATIONS
Hong Kong firm BeiGene Biologics (NASDAQ: BGNE) and Guangzhou GET Technology Development have announced their plans to build a JV biologics manufacturing facility in Guangzhou, in China's Guangdong Province. According to a release on Thursday, the construction of commercial-scale facility is expected to cost some USD330m and begin this year.
The agreement states that BeiGene will provide USD30m of funding, while Guangzhou GET will contribute a further USD150m in the form of direct equity investment in BeiGene Biologics as well as a shareholder loan, which may be changed into equity. Additionally, BeiGene Biologics' manufacturing subsidiary is expected to produce a further USD150m through commercial loans.
The move is the latest attempt of BeiGene Biologics to support the development of biologic drugs in China. The pharma firm's co-founder, director and scientific advisory board chairman Xiaodong Wang commented that the new site will aid in its attempt to keep up with demand for both the development and use of biologics in China as well as international markets.
BeiGene's other co-founder, CEO and board chairman, John Oyler said of the news: "It is our strategic priority to secure high-quality large-scale manufacturing capacity based on the increasing biologics opportunity we envision in China and global markets. We believe the joint venture will provide a valuable asset for our long-term growth."
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 9, 2017|
|Previous Article:||The ICR calls on EMA to reform paediatric cancer trials regulations.|
|Next Article:||BeiGene (Hong Kong) to set up joint venture with Guangzhou GET Technology Development.|