Genovate Biotechnology starts construction of insulin plant in China under $1 billion project

Taiwan-based Genovate Biotechnology (4130: TT) has started construction for its Insulin Ecological Industrial Park in Changzhou, China, under its $1 billion biologics project to become the biggest insulin manufacturer in China.

Phase one of the facility, a 720,000 square-foot structure worth 350 million renminbi (about $55 million), will contain a one ton fermentation tank production line, scheduled to be completed in 2018. The company expects annual production of 10 tons of insulin series products upon completion of the project.

Genovate is targeting to break the long-term monopoly held by three multinational giants in the Chinese and international insulin markets to become the world's fourth largest insulin maker.