Biopharmaceutical company InnoCare signed a cooperation agreement with Guangzhou Development District on July 20 to build a development center in Sino-Singapore Guangzhou Knowledge City.

The project will cost a total of 2.1 billion yuan ($301 million).

InnoCare is a company with the global vision to discover and develop novel treatments for cancer and autoimmune diseases.  It has an elite Scientific Advisory Board (SAB) comprised of professionals from leading universities, hospitals, academic institutions and the pharmaceutical industry.

Led by Dr. Shi Yigong, a structural biologist and academician of the Chinese Academy of Sciences, the project will establish a whole industrial chain covering new drug research and development, talent training, production and marketing as well as manufacturing of First-in-Class drugs targeting tumors and autoimmune diseases.

 The  cooperation agreement signing ceremony between  Guangzhou Development District and InnoCare is held on July 20 in Guangzhou. [Photo/Nanfang Plus]  

"At present, the biopharmaceutical industry is undergoing rapid development. Major large projects including the InnoCare center are reaching a peak of development and investment. I believe these projects will surely boost the quality development of Guangzhou Development District's economy," said Zhou Yawei, secretary of the Party Working Committee of the district.

According to Zhou, the district will work to strengthen its infrastructure, construct an interconnected traffic network and build talent apartments at a high level.

Dr. Shi Yigong said that competition in China depends mainly on the rapid development of innovative enterprises. InnoCare is a biopharmaceutical company with strong innovation ability, great development potential and an excellent talent team. Biotech companies typically require longer return cycle, and thus call for good cooperation mechanism between government and companies.

"Guangzhou Development District has provided great support to InnoCare and has established a good business pattern. I believe this project will be successful," said Shi.

InnoCare is expected to see a landmark clinical outcome this year and put two to three new drugs into clinical research. In the future, it will strengthen the functions of the development center and establish a precision medicine R&D center targeting diseases with high incidence in South China.