(Yicai Global) July 27 -- Chinese pharmaceutical firm Hainan Poly Pharm will invest CNY500 million (USD73 million) in Anqing in China's eastern Anhui province to build a production base for active pharmaceutical ingredients and innovative medicines.
The company's board authorized the company's management yesterday to sign an investment cooperation agreement with the management committee of the high-tech industrial development zone in Anqing yesterday.
The statement did not disclose details of product names or applications or the project's anticipated construction, saying only that after it goes into operation, it will produce internationally high-end APIs and innovative formulas.
The company will invest a further CNY45 million to register a wholly-owned unit in Anqing to implement the project, per the statement.
The land area for the project is expected to be 124,062 square meters, which will be provided by the development zone and, after completing the relevant procedures, the company will formally sign a land use right transfer contract with the local land and resources management department, the statement added.
Poly Pharm produces antipyretics and analgesics, antibiotics, cardiovascular and cerebrovascular, anti-allergic digestive systems and dermatology drugs. It also has a research institute that researches and develops new drugs, its website shows.
Editor: Ben Armour