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.
Founded in 1954, Nan Fung has since expanded its portfolio to include life sciences, financial investment, hotels and shipping.
The group set up Nan Fung Life Sciences in 2017 as a global investment platform that partners with scientists, entrepreneurs, corporations and investors in the life sciences sector. The firm has a presence in the United States and China.
