 "BeiGene & Guangzhou Development District to set up $ 330 mn biologics plant")
Chinese biotechnology company BeiGene Ltd and Guangzhou Development District (GDD) have formed a joint venture, BeiGene Biologics Co Ltd, that will invest RMB 2.2 billion ($ 330 million) to build a biologics manufacturing facility in Guangzhou, Guangdong Province, China. The joint venture will also provide funding for research and development of biologic drug candidates in China.
“We are very pleased to announce our joint venture with the Guangzhou Development District. Biologics represent an important part of BeiGene’s overall R&D and manufacturing capabilities. This joint venture will enable BeiGene to keep pace with a growing demand for the development and use of biologics in China and global markets,” commented Xiaodong Wang, co-founder, director, and chairman of the Scientific Advisory Board of BeiGene.
John Oyler, co-founder, CEO and chairman of the Board of BeiGene, added, “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.”
Under the terms of the agreement, the cash contributions to BeiGene Biologics consist of RMB 200 million ($30 million) from BeiGene and a total of RMB 1 billion ($150 million) from GDD, including cash in equity investment of the JV company and a shareholder loan, which may be convertible into equity of the JV. For additional funding, the manufacturing factory subsidiary of the BeiGene Biologics is expected to secure commercial loans of RMB 1 billion ($150 million).
BeiGene is a global, clinical-stage, research-based biotechnology company focused on molecularly targeted and immuno-oncology cancer therapeutics. With a team of over 300 scientists, clinicians and staff in mainland China, the US, Australia and Taiwan, BeiGene is advancing a pipeline consisting of novel oral small molecules and monoclonal antibodies for cancer.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%