AstraZeneca, a UK-headquartered international pharma giant, has signed a new investment cooperation agreement with the Jiangsu provincial government to boost its existing operations in Taizhou city, located in East China.
The signing ceremony took place on the first day of the China International Import Expo, or CIIE which kicked off on Nov 5 and will run to Nov 10 in East China's Shanghai.
The new investment agreement aims to introduce core technologies for diabetes drugs and related production and supply chains – to build Taizhou as a global production base for AstraZeneca in the area of diabetes.
The signing ceremony was attended by top officials from the Jiangsu provincial government, the Taizhou municipal government and the Taizhou High-Tech Zone – as well as representatives from AstraZeneca, including Wang Lei, the executive vice-president of the company.
International pharma giant AstraZeneca and the Taizhou High-Tech Zone, also known as China Medical City, sign an agreement on Nov 5. [Photo by Fang Yuting]
Wang said that Jiangsu was AstraZeneca's first entry point into the Chinese market and the company already had established production and supply bases in Taizhou and in Wuxi city, also in East China.
He added that Jiangsu had become a strategic location for AstraZeneca's complete industrial supply chain in the country, including research and development, production, supplies and eco-friendly innovation.
For its part, Taizhou has shown consistent support for AstraZeneca's growth and has provided a favorable business environment, paving the way for the company's decision to increase its investment in the city.
The annual projected annual output value of the Taizhou production base is expected to reach 10 billion yuan. The latest collaboration marks a significant milestone for AstraZeneca in Taizhou, following its investment there in 2014.