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2019-11-26 07:00

About $2 billion will be capitalized by BIOCAD and Shanghai Pharmaceuticals

The capitalization of the joint venture between the Russian company BIOCAD and Chinese Shanghai Pharmaceuticals will amount to $2 billion. The opening of the joint venture will take place in December in Shanghai, said First Deputy Prime Minister and Minister of Finance of the Russian Federation Anton Siluanov speaking at a meeting of the Intergovernmental Russian-Chinese Commission on Investment Cooperation.

"I would like to dwell on the project, the official ceremony of which will be held in Shanghai in December. It is a joint venture between BIOCAD and Shanghai Pharmaceuticals. This is a new project that will produce new innovative drugs. The capitalization of this project is $2 billion," Siluanov said.

As reported earlier by the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov, Russian biotechnology company BIOCAD in partnership with the Chinese holding Shanghai Pharmaceuticals plans to develop and bring to the Chinese market at least six drugs, including for the treatment of cancer and serious autoimmune diseases - therapy of lung cancer, breast cancer and psoriasis.

BIOCAD is one of the largest full-cycle biotechnology innovation companies in Russia, which deals with all stages of drug development. The company employs over 1.7 thousand people, including 700 scientists and researchers. The company has offices and representative offices in the USA, Finland, Brazil, China, India, Vietnam, Egypt and other countries.

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