South Korea’s Celltrion, which has been building a massive biologics site in Songdo, has decided it is time to build some operations next door in China.
The biosimilar maker intends to build in China a plant capable of producing 120,000 liters so it can cash in on that market, Chairman Seo Jung-jin announced at the J.P. Morgan Healthcare Conference in San Francisco, the Yonhap News Agency reports.
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“We are in the final stage of signing a contract with the Chinese government. We will soon announce details of the plant," Seo said Wednesday during the annual J.P. Morgan Healthcare Conference.
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The company is conducting a Phase III trial of its biosimilar of Jansen’s Remicade in China. Celltrion also has biosimilars of Rituxan and Herceptin approved in other markets that it might take to the world’s second-largest drug market.
While short on details, Seo last year said the South Korea company intended to lay out $33.6 billion on its pharma business over the next decade. It intends to invest in its biologics operations, ingredient business, as well as artificial intelligence to create an e-commerce market for its drugs.