(Yicai) Dec. 1 -- Swiss pharmaceutical giant Novartis will invest more than CNY600 million (USD84 million) in a new radiopharmaceutical plant to accelerate the introduction of its innovative therapies in China.

The facility will be built in Jiaxing, Zhejiang province and it will be Novartis’ second innovative drug production site in China, the Basel-based firm said on its website today. Subject to regulatory approval, the new facility is expected to become operational by the end of 2026, it added.

“We look forward to accelerating the introduction of radioligand therapies to China through the establishment of a new manufacturing base to meet clinical needs while supporting the development of China’s nuclear medicine industry and the clinical application of related therapies,” said Zhang Ying, president and managing director of Novartis China.

Radioligand therapy is part of a new generation of targeted treatments that use radiation to kill diseased tissue, minimizing damage to healthy cells due to moderate radiation distances, Novartis noted.

The therapy was approved by the US Food and Drug Administration in March last year and by the European Union in December. A multicenter clinical study of the therapy has already begun in China.

Since entering the Chinese market in 1987, Novartis has had about 100 innovative drugs and new indications approved in the country. The firm has a factory in Beijing with a total investment of over CNY700 million. The factory has an annual production capacity of up to 3 billion tablets and capsules.

Editor: Tom Litting