Coherent Biopharma and the Hefei high-tech zone hold a signing ceremony for a new R&D center and production base on Feb 20. [Photo/WeChat ID: hefeigaoxinfabu]

Coherent Biopharma – a company pioneering and developing Bi-targeting XDC technology – and the Hefei National High-tech Industry Development Zone, located in Hefei city in East China's Anhui province, held a signing ceremony for a new R&D center and production base on Feb 20.

With a total investment of 1.3 billion yuan ($189.17 million), the R&D center will be based in the Hefei high-tech zone and develop the Bi-Ligand-Drug Conjugate CBP-1019, whose indications are pancreatic cancer and colorectal cancer. This formulation has also shown remarkable anti-tumor activity and passed various safety tests in preclinical studies.

When complete, the center is expected to reach annual revenue of not less than 1 billion yuan in its first year. This will later jump to 10 billion yuan a year when production is in full swing.

Founded in 2016, Coherent Biopharma is based in Suzhou city in East China's Jiangsu province. It boasts cutting-edge technologies for the development of multi-target drugs.