Brazil's Bionovis, BNDES and Fiocruz sign an investment agreement

This month, the government of Brazil’s State of Rio de Janeiro, the Brazilian Development Bank (BNDES), the Vital Brazil Institute (IVB), Bionovis and Fiocruz signed an agreement to invest 550 million real ($248.4 million) in the biotechnology company, reports Juliane Carvalho of Brazil Pharma News.

Bionovis will be located in the city of Rio de Janeiro. This agreement is expected to generate 150 direct jobs in Brazil over the next three years. The new unit will comprise of a research and development laboratory, a manufacturing plant and distribution center on the Atlantic Forest Campus of the Fiocruz Foundation located in the Jacarepagua, located in west of Rio de Janeiro city. The initiative represents an important step for science, technology and production of biotechnology-based active ingredients to supply the Unified Health System (SUS) with important products for public health.

The government of the State of Rio de Janeiro recognized the importance of the initiative and published a decree offering tax incentives for the installation of Bionovis. The signature is part of the project for the Productive Development Partnerships (PDPs) of the federal government. The new factory will produce different drugs to treat cancer, arthritis and other diseases. The event was attended by the Governor Luiz Fernando Bigfoot, and the chairmen of Bionovis, Odnir Finotti, BNDES, Luciano Coutinho, the Instituto Vital Brazil, Antonio Werneck, and Fiocruz, Paulo Gadelha, as well as the Secretary of Science and Technology Ministry of Health, Carlos Gadelha.