Athenex details $225M China-New York drug manufacturing play

An investment of $225 million will see China investor-backed Athenex make active pharmaceutical ingredients (APIs) and oncology in western New York state and ship products to China and the world. The company already has operations in Chongqing in China where it is also building two drug manufacturing plants at Banan that will receive local funding for land and construction, the company, based in Buffalo, said in October. In a release this week, Athenex, which bills itself as a specialty oncology firm, said the U.S. operations covering a 300,000-square-foot manufacturing facility will pump in $1.6 billion over ten years in wages, materials and supplies to the New York operation. The breakdown of output will see APIs sold globally from the plant and oncology drugs head for China. That led New York state to chip in $25 million of the initial investment. In May of last year, the company then known as Kinex said it had completed a private placement of equity to strategic investors that included Huateng Ma, co-founder, chairman and CEO of Tencent Holdings, according to its website. Release

 

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