With the support of the economic development organization Invest Puerto Rico, Biosimilar Solutions LLC announced that both it and CytoImmune Therapeutics will be establishing operations on the island to conduct biologics and cell therapy research and development.
According to the press release, CytoImmune will relocate to Toa Baja and plans to invest $28 million in the facility, which will be developing and marketing novel cancer immunotherapy products. CytoImmune currently develops proprietary Chimeric Antigen Receptor engineered t cells (CAR-T) technology, as well as an approach for human natural killer cell immunotherapy. Biosimilar Sciences will establish its new facility in Aguadilla, and plans $200 million of investment in machinery and equipment to develop a series of biosimilar products including a COVID-19 vaccine.
“This announcement is a clear indication that Puerto Rico’s business ecosystem is primed to support bioscience innovation, manufacturing, and distribution on a global scale. It also shows that this sector is crucial to the Island’s path to economic transformation since biotechnology start-ups can provide hundreds of jobs upon a successful FDA approval. We proudly welcome CytoImmune and Biosimilar to Puerto Rico and reiterate our commitment to helping them ensure success and a healthy ROI,” said Rodrick Miller, CEO of InvestPR. Puerto Rico currently has over 100 FDA approved pharmaceutical and bioscience plants, and is the U.S.’s largest pharmaceutical manufacturing region.
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