Genovate Announces $1 Billion Insulin Project in Changzhou

Genovate Biotechnology, a Taiwanese drug company, has begun construction of a China insulin manufacturing facility in Changzhou Industrial Park, whose total investment may reach $1 billion. The company hopes to become China's largest supplier of insulin, supplanting the three international pharmas that currently control the market. Phase 1 of the project, which got underway this week, is a relatively modest $55 million facility that will house a one-ton fermentation production line, and is expected to be completed in 2018. More details.... Stock Symbol: (TWO: 4130)