MONTREAL and YONGIN, South Korea, June 1, 2015 /PRNewswire/ -- This is with great pride that Green Cross Biotherapeutics Inc. (GCBT) kicked off construction today on its biopharmaceutical facility that will be located on the Montreal Technoparc's Saint-Laurent Campus. The CA$315 million project represents one of the largest green field investment projects in Canada in the biopharmaceutical industry, giving place to the construction of the first intravenous immunoglobulin (IVIG) and albumin manufacturing plant in Canada. This project is one of the first accomplishments realized through the Canada-Korea Free Trade Agreement. Established in 2014, GCBT is a Canada-based member of the Green Cross family and will also be serving as Green Cross' North American headquarters.
A number of distinguished guests attended this important investment announcement for the Quebec economy and life sciences industry. Jacques Daoust, Minister of the Economy, Innovation and Exports, was present, along with Jean-Marc Fournier, Minister responsible for Canadian Intergovernmental Affairs and the Canadian Francophonie, Government House leader, and member of the National Assembly for Saint-Laurent. Pierre Desrochers, Chair of the executive committee at Ville de Montreal, and Alan DeSousa, Mayor for the Borough of Saint-Laurent, also participated in the event.
"The construction of this manufacturing facility is a cornerstone of our global expansion strategy. From Montreal, we will be serving the Canadian market and exporting to countries including the United States and China," said Green Cross Corporation's chairman Il-Sup Huh. "For Canadian patients and their healthcare providers, this means securing access to a local and stable source of therapeutic plasma-derived products."
GCBT is planning to recruit 200 highly qualified scientists, engineers, microbiologists, chemical engineers and other professionals, to produce and distribute plasma protein products. One million litres of plasma will be processed in this new facility every year. The plant will be built on a land of 700,000 square feet, with a gross floor area of 225,000 square feet. GCBT is targeting commercialization in 2019. Once it reaches full operations, GCBT expects to generate an annual revenue of over CA$300 million from its own manufactured products, exceeding CA$500 million in total sales turnover, including all distributed and imported goods.
Investissement Quebec is providing a subsidy of CA$25 million for the project. The Korean National Pension Service, the world's fourth largest private equity fund, is also participating in its equity with CA$70 million.
"We are thankful to the Government of Quebec, whose contribution is supporting this important investment. Through its funding, the government acknowledges the economic value and health benefits that our project is bringing," said GCBT's CEO Young-Ho Kim. "We are very pleased to join the Quebec life sciences industry, a community that is known internationally for its people, its talent and its capacity to innovate. The Montreal Technoparc's Saint-Laurent Campus is definitely an inspiring place to establish a new business."
Products that will be manufactured in this facility include intravenous immunoglobulin (IVIG), a key therapeutic solution for the treatment of patients with infectious and immune diseases, and albumin, used as a blood-volumizing agent and in the treatment of burns.
About Green Cross Biotherapeutics Inc. (GCBT)
Founded in 2014, GCBT is the strategic foothold for Green Cross' business expansion into the North American and European markets. Building a state-of-the-art manufacturing facility for plasma proteins, GCBT will become the only intravenous immunoglobulin (IVIG) and albumin producer in Canada. It will also serve as a North American hub for the distribution of a variety of therapeutic products from the Green Cross family. With support from Quebec's local and provincial governments, GCBT is planning to launch commercial production in 2019. For more information, visit greencrossbt.com.
About Green Cross Corporation
An emerging global leader in the healthcare industry, Green Cross Corporation provides safe and effective healthcare solutions that address the evolving needs of human health. Headquartered in Yongin, South Korea, the company specializes in the development and manufacturing of plasma derivatives, preventive vaccines, recombinant proteins and therapeutic antibodies. With its 15 subsidiaries, it employs around 3,000 people worldwide. For more information, visit greencross.com.
For high-resolution photos and video, visit http://greencrossbt.com/media/.
SOURCE Green Cross Biotherapeutics Inc.