Wuxi AppTec, a pharmaceutical, biotechnology and medical-device research and development outsourcing company, announced it is to build a pharmaceutical production base in Wuxi National Hi-tech District (WND) on June 25, Wuxi Daily reported.
With registered capital of 334.57 million yuan ($50 million) and more than 1.2 billion yuan of planned investment, the production base will make tablets and capsules to treat hepatitis B and C, diabetes, depression and tumors. The products are expected to be on the market in 2018 and 2019. The project is scheduled to get yield revenues of 1.8 billion to 2.8 billion yuan once in full-scale operation.
Wang Quan, Mayor of Wuxi attended the announcement and spoke with Li Ge, chairman of WuXi AppTec about more cooperation details.
Wang spoke about the tremendous possibilities and prospects for the city's collaboration with WuXi AppTec in pharmaceutical, biotechnology and medical device research and development capabilities and technology. He hoped that WuXi AppTec can expand investment in Wuxi in a bid to promote the city’s life science and technology industry.
Li said that WuXi AppTec is striving to establish cross-border mergers and acquisition funds in WND, for life science buyout projects in Europe and America. The fund will also be able to benefit Wuxi's industrialization by attracting more leading bio-pharmaceutical companies to the city.
