Pfizer ups pres­ence in China with plant

China Daily (Canada) - - ACROSS AMERICAS - By BLOOMBERG

Pfizer Inc said Tues­day it will in­vest $350 mil­lion in Hangzhou, east­ern China on a plant for biotech­nol­ogy drugs, bol­ster­ing its pres­ence in the world’s se­cond big­gest phar­ma­ceu­ti­cal mar­ket despite slow­ing eco­nomic growth in the coun­try and ris­ing pres­sure on prices for medicines.

The new facility is ex­pected to be com­pleted in 2018 and will man­u­fac­ture bi­o­log­ics, or com­plex medicines made from liv­ing or­gan­isms, as well as biosim­i­lars for pa­tients in China and across the world, Pfizer said in an e-mail state­ment Tues­day.

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