Chinese investors plan $1 billion US biotech site
pharmafile | August 18, 2016 | News story | Business Services, Manufacturing and Production, Medical Communications, Research and Development, Sales and Marketing |
China’s state-backed developer Greenland Holdings is set to jointly invested over $1 billion in a San Francisco-based biotech industrial park in a bid to bolster research development between China and the US.
The Shanghai company is the biggest investor in the 210,000 square-meter project, owning 49% of the share alongside smaller peers Agile Group (10%), Ping An Trust (36%) and Poly Sino Capital (5%). The land was acquired for $171 million.
The company aims for its infrastructure business to achieve more than 100 billion yuan ($15.1 billion) in revenue this year, and has so far invested over $7 billion in US projects based in Los Angeles and New York.
Matt Fellows