Sino Biological Invests Over 200M RMB to Establish New Subsidiaries in Taizhou and Suzhou, China
Beijing, China, March 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sino Biological, Inc. (“Sino Biological” or the “Company”), a biotechnology company listed on the Shenzhen stock exchange subsidiary ChiNext (SZSE: 301047), which provides biological research reagents and related technical contract research services, is pleased to announce the formation of two new operationally-focused subsidiaries in China.
On September 13, 2021, the Board of Directors of Sino Biological reviewed and approved a proposal with Taizhou China Medical City Park to establish a wholly-owned subsidiary in the park. The new subsidiary will be formed through a total investment of RMB 150 million yuan ($23,555,000 USD), which includes registered working capital of 30 million yuan ($4,710,000 USD). The Taizhou China Medical Park will provide approximately 11,000 square meters of standard workshop lease space for the new subsidiary along with rental expense support and various tax incentives. This new subsidiary will focus primarily on research & development, production and sales of biological reagents including cell culture medium, proteins and antibody diagnostic materials.
In addition, on November 23, 2021, Sino Biological and the Suzhou New District executed a "Project Investment Agreement". Under the terms of this Agreement, Sino Biological will establish the Sino Biological Southern Research & Development Center in Suzhou New District. This Center includes a new testing service headquarters focused on the analysis of cell quality as well as the biosafety of biological products. The first phase of this project will include an investment of over 50M yuan ($7,850,000 USD) with the Suzhou New District providing approximately 3,600 square meters of lease space along with rental expense support and various tax incentives. In addition, the District will subsidize the cost of equipment, industry development and talent acquisition.
Dr. Jie Zhang, General Manager of Sino Biological, emphasized during the official signing ceremony that, “through the establishment of more R&D and production centers, Sino Biological will be able to further enhance its capabilities and capacities and thus continue as a leading provider of bioreagents and CRO services worldwide.”
“Sino Biological has further cemented its geographical footprint in China with the addition of these subsidiaries in Taizhou and Suzhou. These new sites, together with locations in Beijing, Shanghai, Frankfurt, Philadelphia and Houston, strengthen efficient client and partner access to Sino Biological’s cutting-edge technologies and portfolio of products and services,” stated Dr. Rob Burgess, Sino’s Chief Business Officer.
Sino Biological’s establishment of the new subsidiaries does not constitute a related party transaction or a major asset reorganization.
About Sino Biological
Sino Biological is an international reagent supplier and service provider. The company specializes in recombinant protein production and antibody development. All of Sino Biological's products are independently developed and produced, including recombinant proteins, antibodies and cDNA clones. Sino Biological is the researchers' one-stop technical services shop for the advanced technology platforms they need to make advancements. In addition, Sino Biological offers pharmaceutical companies and biotechnology firms pre-clinical production technology services for hundreds of monoclonal antibody drug candidates.
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