Genovate to Build $55 Million Insulin Facility in Changzhou

Genovate Biotechnology, a Taiwanese drug company, has begun construction of a China insulin manufacturing facility in Changzhou Industrial Park, with the goal of becoming 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 $55 million facility that is expected to be completed in 2018. More details.... Editor's Note: Previously, ChinaBio ® Today reported that the entire project would cost $1 billion, which was an error. ChinaBio ® Today regrets the error. Stock Symbol: (TWO: 4130)