(26 October 2005 - The Sun)
PHARMANIAGA Bhd's unit, Pharmaniaga Pegasus (Seychelles) Co Ltd (PPS), signed an equity joint venture (JV) contract with Shanghai Worldbest Treeful Pharmaceutical (Group) Co Ltd yesterday to produce pharmaceutical products for China.
The JV contract came after an earlier share transfer and capital increase agreement between the two parties to acquire 40% equity interest in Wuxi Worldbest Treeful Pharmaceutical Co Ltd.
It will be renamed Wuxi Worldbest Pharma Pharmaceutical Co Ltd and will manufacture soft bottles/ bags of large volume intravenous (LVI) at Wuxi Huishan Life Science and Technology Park in Jiangsu, Pharmaniaga said in a statement.
The plant, expected to be operational by the second quarter of 2006, will have an annual production capacity of 20-30 million bottles/bags of LVI initially and 100 million bottles/bags in three years. It will be able to meet the local demand for LVI, forecasted to be 310.6 million bottles/bags for 2005.