South Korea’s major biosimilar manufacturer Celltrion Inc. will invest over 600 billion won ($514.5 million) to build the largest biosimilar manufacturing plant in China with an annual capacity of 120,000 liters over the next five years.

Celltrion on Monday signed a partnership agreement with Wuhan, the capital of Hubei province, where the plant will be built, the company said Tuesday.

The investment plan will be financed in part from its own funds and in part from third-party investors.

The new plant will be responsible for development and production of biopharmaceutical products, as well as contract manufacturing services dedicated to the Chinese market. A direct sales network will also be established across China, according to the company.

Construction will kick off within the first half of this year.

“China is the world’s second largest market for biopharmaceutical products with robust demand for high-quality medicines. We’ll go all out to ensure rapid supply of our medicines to Chinese patients, paving the way for future growth,” said Kee Woo-sung, CEO and Vice Chairman of Celltrion.

By Kim Byung-ho and Lee Ha-yeon

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