BEIJING, Nov. 25 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. ( SVA), a leading developer and provider of vaccines, announced today that it executed a joint venture (JV) agreement to establish Sinovac (Dalian) Vaccine Technology Co., Ltd. (Sinovac Dalian). The JV will research, develop, produce and commercialize human-use vaccines. Sinovac will contribute its expertise and experience in developing and commercializing world-class vaccines; the other party will bring its land use rights, manufacturing facilities and established operating infrastructure.
Mr. Weidong Yin, Chairman, President and CEO of Sinovac, remarked, "Sinovac Dalian brings to Sinovac a highly efficient platform to expand our manufacturing capacity, diversify our production capabilities and increase our operational scale. By leveraging the favorable investment environment, Dalian's relatively low operating cost and its existing facilities, this JV enables Sinovac to cost effectively establish manufacturing platforms for live attenuated vaccines and vero cell cultured vaccines, thus adding another important manufacturing site for Sinovac's vaccine products. The day-to-day operations of the JV will be led by Sinovac management as we continue to execute our business development strategy to advance and expand our development pipeline, and increase our manufacturing capacity to meet the growing domestic and international demand for human-use vaccines."
In conjunction with its formation, Sinovac representatives will occupy key
positions at the JV including Chairman, General Manager, Head of Research and
Development and Financial Director. Sinovac Dalian will be headquartered in
Dalian, Liaoning Province and will occupy a total area of approximately
1,000,000 square feet. The building area is approximately 200,000 square feet,
which is comprised of a nearly 60,000 square foot manufacturing and R&D
facility. The campus currently contains two vaccine
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