Thermo Fisher Scientificand Innoforce, a bioinnovation-enabling company,announcedon Nov 6 thatthey have signed a joint venture agreement to establish anewbiologics and steriles drug manufacturing facility in Hangzhou.This facility is expected to be completed in 2022.

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue exceeding $25 billion.Innoforce is a bioinnovation-enabling corporation located in the heart of Hangzhou Bay Biotech Valley in the Hangzhou Airport Economic Demonstration Area.

"Our agreement with Innoforce will provide critical support in helping to meet the high demand for biologics in China," said Michel Lagarde, executive vice president of Thermo Fisher Scientific. "The addition of the Hangzhou site will expand our existing global network and provide drug development and manufacturing services for customers in China, as well as for global customers seeking capabilities in the region."

Innoforce CEO Yuling Li said, "Through our partnership with Thermo Fisher, we can offer an accelerated pathway for biopharmaceutical manufacturers in China, and outside as well, to bring innovative therapies to the world."

The cooperation between the two companies marks a significant contribution to Xiaoshan district andHangzhouin the development of bio-economy. In recent years, Xiaoshan has seized the opportunity to accelerate the formation of biomedical industry cluster agglomeration. A total of 16 biomedical and related projects have been successfully settledin Hangzhou Airport Economic Zone, with a total planned investment of about 8.4 billion yuan.