CHANGZHOU, China, Sept. 25, 2015 /PRNewswire/ -- On September 22, construction of phase I of Genovate Biotechnology's Insulin Ecological Industrial Park began in Changzhou National Hi-tech District. Changzhou mayor Fei Gaoyun said the city and district governments and the relevant oversight authorities will do their best to provide support services, with the aim of doing what is needed to see construction completed and the facility put into production as early as possible.
Genovate Biotechnology (Changzhou) relocated to Changzhou Life and Heath Industrial Park in 2014. The plan to relocate was drawn up and initiated by a team led by Dr. Shen Chun, an expert and consultant associated with China's nationwide Thousand Talents Plan, and co-invested by Changzhou Life and Heath Construction Development Co., Ltd. and BVCF, a life sciences-focused PE firm with 20 years of experience in investing in Silicon Valleys's bioindustry and the first overseas venture fund focusing on growth opportunities in the Chinese side of the sector. The company has exclusive ownership of the world's first insulin ecological commercialization and production technology. Genovate's target is to become China's first and the world's fourth largest insulin manufacturer, breaking the long-term monopoly held by three multinational giants in the Chinese and international insulin markets.
With a total investment of US$1 billion, Genovate's biologics project follows a plan based on a strategy that calls for a three-phased investment process meant to assure steady growth following the planning and design phase. Phase one of the facility, a 720,000 square-foot structure with an investment of 350 million yuan (approx. US$55 million), will contain a one ton fermentation tank production line, scheduled to be completed in 2018. Once construction is completed and the facility is put into full production, annual production is expected to reach 10 tons of insulin series products and APIs plus 1 billion bottles of preparations.
Changzhou National Hi-tech District is developing into an important cluster for the local pharmaceutical sector. With excellent transportation, comprehensive support from the local authorities and a first-class investment environment, the district has the beginnings in place for a new life sciences industrial park, attracting a number of renowned Chinese and foreign pharmaceutical makers.