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U.S. firm to invest 150 mln USD in biotech project in east China

(Xinhua)    10:43, May 10, 2020

NANJING, May 9 (Xinhua) -- U.S. biotech company Herbalmax Inc will invest 150 million U.S. dollars in a project in the eastern Chinese city of Wuxi, according to the management committee of the city's high-tech zone.

On Friday, Herbalmax signed an agreement with the committee on the investment via a video conference.

The project, which includes a trade company, a research and development center and a production base, is expected to reach an annual output of 3 billion yuan (422 million U.S. dollars) three years after its completion.

The project will help boost the innovative capabilities of the high-tech zone in the healthcare sector, said Feng Xiaochun, the director of the management committee.

It is the rapid development and huge potential of China's healthcare market as well as the high-quality service of the high-tech zone that attracted Herbalmax to invest, said Grant Marshall, co-founder and CEO of Herbalmax, at the online signing ceremony.

Based in California, Herbalmax is a multinational biotech firm dedicated to developing and manufacturing natural dietary supplements.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: He Zhuoyan, Bianji)

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