Taipei, June 30 (CNA) ScinoPharm Taiwan Ltd., one of the leading biotechnology companies in the country, said Friday it plans to invest NT$1.1 billion (US$37.6 million) in a project to manufacture high-potency injectable drugs for cancer treatment.
The investment project, which was approved by the company's board of directors earlier the same day, will involve the construction of aplant in the company's complex in the Southern Taiwan Science Parkin Tainan.
Construction will begin in the second half of the year and is expected to be completed in 2014, the company said.
ScinoPharm said it is a provider of active pharmaceutical ingredients (APIs) for the generic pharmaceutical industry, and the investment will help to integrate its resources as it enters the downstream production of injectable drugs.
"By expanding into the field of oncological injectable formulation, ScinoPharm will be able to provide a vertically integrated, one-stop-shop service to our customers," the company’s president and chief executive officer Jo Shen said in a statement.
The company said many of its customers have been eager to seek partners who can provide a high quality and stable supply of injectable cancer drugs that will be able meet the GMP (Good Manufacturing Practice) standards imposed by the World Health Organization.
The investment is expected to help the company meet the rising demand from its customers and boost its competitiveness in the global market.
The new facility will include sections for research and development, quality control, washing, sterilization, manufacturing, filling, packaging and storage, among others, according to the investment plan.
The plant will have one production line for vials of liquid and freeze dried cancer drugs, and another line in a separate area for products that are non-destructive to human cells, ScinoPharm said.
The entire plant will meet international GMP standards for sterility, the company said.
ScinoPharm, which launched a listing on the Taiwan Stock Exchange in September 2011, posted NT$0.39 in earnings per share in the first quarter of this year, compared with NT$0.24 in the same period last year.
(By Lo Hsiu-wen and Frances Huang)