With a big cash assist from local officials, BeiGene is building a $330M biologics facility in China
In the latest sign that China’s biotech industry is developing at high speed, one of its most prominent biotechs is preparing to break dirt on a $330 million biologics manufacturing center in Guangzhou which will also provide some direct support for R&D activities.
BeiGene struck a deal to build the facility in partnership with local development officials who are kicking in close to half of the money. The biotech will partner with Guangzhou GET Technology Development Co., which is contributing $150 million in cash and convertible loans for the joint venture. BeiGene will provide $30 million of the cost and the rest will be covered by loans.
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