(Yicai Global) Aug. 15 -- Chinese drug ingredient producer Yantai Dongcheng Biochemicals will build the country's first nuclear medicine research center in Shanghai.

Dongcheng and the management committee of Fengcheng Industrial Park signed a cooperation agreement under which the tech park will provide 3.2 hectares of land for the pharma firm to develop radioactive drugs, the Shandong province-based company said in a statement today. Details of the land price and service life will be decided later.

The committee also promised to offer favorable policies, including incentives related to the development of the new headquarters' economy, human resources, taxes, government funding and public amenities, to help the company get started at the chosen property.

Founded in 1998, Dongcheng mainly produces active pharmaceutical ingredients for domestic use, as well as exports its products to some 50 countries. The field of nuclear medicine will be the focus of the firm's business for the next 10 years, its website shows.

Editor: Emmi Laine