Hong Kong developer Nan Fung launches arthritis and cancer biosimilars joint venture with Korean biopharmaceutical firm
- Shanghai-based Vcell Healthcare Limited has been set up with Incheon-based Celltrion
- Developer also plans to build a general hospital in Shenzhen
Hong Kong-based property developer Nan Fung deepened its diversification into health care with the announcement on Friday of a joint venture that will produce and sell in mainland China biosimilar versions of medicines used to treat arthritis and cancers.
Shanghai-based Vcell Healthcare Limited, set up in collaboration with South Korean biopharmaceutical company Celltrion, will own the rights to develop, manufacture and commercialise three of Celltrion’s major biosimilars – Remsima, Truxima and Herzuma. Headquartered in Incheon, Celltrion specialises in the research, development and manufacturing of biosimilar and innovative drugs.
“China has huge unmet demand for high-quality drugs with affordable prices,” Antony Leung Kam-chung, Nan Fung’s chief executive and former Hong Kong finance minister, said in a statement. He added that he hoped the joint venture would benefit Chinese patients and help establish a state-of-the-art manufacturing base in China.
Nan Fung and Celltrion are reviewing plans to develop production facilities in mainland China.