WuXi Biologics says to acquire Pfizer's biologic drug plant in China
BEIJING, March 17 (Reuters) - China's WuXi Biologics Inc 2269.HK said on Wednesday it has agreed to acquire U.S. drugmaker Pfizer Inc's PFE.N biologic drug production facilities in the country.
WuXi did not disclose the value of the deal, or the products that will be made in the facility in eastern Chinese city of Hangzhou.
The pharmaceutical industry has become increasingly reliant on high-priced biologic drugs for its profits. Made from living organisms, biologics are more difficult and expensive to produce than conventional medicines based on chemical ingredients.
Wuxi expected the deal to close in the first half of this year, allowing it to "address surging manufacturing demands" for drug substances and drug products.
The facilities are equipped with bioreactors and have capacity for vial and syringe filling, the company said in a statement on Chinese social media WeChat.
WuXi also makes vaccine substances for a COVID-19 shot developed by AstraZeneca PLC AZN.L and the University of Oxford to supply them to Brazil.
The firm did not have immediate comment on whether the plant will be used to produce COVID-19 vaccine substance.
(Reporting by Roxanne Liu and Ryan Woo; Editing by Miyoung Kim and Kim Coghill)