Pfizer Investing $350M in China Biotech Center

Shares of Pfizer are higher in Tuesday's session on news that the company plans to invest $350 million in a China-based plant for biotechnology drugs.
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Shares of Pfizer (PFE) - Get Report are higher in Tuesday's session on news that the company plans to invest $350 million in a China-based plant for biotechnology drugs. The new center will manufacture biologics, which are complex medicines made from living organisms, and also bring biosimilar products to the market. The President of Pfizer Global Supply said in a statement that local-production of biosimilar medicines will have the potential to improve the lives of patients not only in China but across the world. The new center is expected to be completed in 2018.

This article was written by a staff member of TheStreet.