SEOUL, Sept. 23 (UPI) -- South Korean biopharmaceutical company Celltrion said Tuesday it would invest at least $1 billion to take over a production facility from Eli Lilly in Branchburg, N.J., and upgrade it.
Its subsidiary, Celltrion USA ,plans to allocate $330 million to complete the acquisition of the U.S. Food and Drug Administration-approved facility and another $670 million for expansion and operational costs.
In July, Celltrion was chosen as the preferred bidder to purchase the 37-acre plant site, which includes four buildings and 10 acres of unused land reserved for potential development.
"We struck an agreement with Eli Lilly last Saturday and Celltrion USA plans to settle the acquisition funds at the end of this year," Celltrion's founding Chairman Seo Jung-jin told an online press conference.
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