Invest Puerto Rico announced today that CytoImmune Therapeutics, Inc. and Biosimilar Solutions, LLC, two new product pharmaceuticals, confirmed their commitment to establish operations on the Island to develop their biotechnology products, which include cancer immunotherapy treatments and a COVID-19 vaccine, respectively. .
The relocations of the two companies are the result of InvestPR’s strategic plan to attract investment in the island’s biosciences sector. “This announcement is a clear indication that Puerto Rico’s business ecosystem is ready to support innovation, manufacturing and distribution in the biosciences on a global scale. It also shows that this sector is crucial in the economic transformation of the island, as emerging biotechnologies can offer hundreds of employment opportunities with successful FDA approval. We welcome CytoImmune and Biosimilars, and reiterate our commitment to helping them achieve success and healthy ROI. ” , said Rodrick Miller, CEO of InvestPR.
Using the Puerto Rico Incentive Code (Law 60) and other benefits to establish operations in Puerto Rico as a tool, the two companies will conduct research and development of new biological and cellular therapies. The two initiatives represent a combined investment of approximately $ 228 million and the creation of 400 employment opportunities.
The Governor of Puerto Rico, Pedro R. Pierluisi, commented that “Puerto Rico once again demonstrates that we have the talent, resources and capabilities of a world leader in manufacturing in the biosciences sector. Thanks to the work of Invest Puerto Rico and the Department of Economic Development and Trade, a growing number of companies are taking advantage of the island’s value proposition to boost their operations, which in turn leads to more private investment, job creation and a positive return on investment for all. In addition, Puerto Rico is ready to serve the United States by providing a proven ecosystem to relocate manufacturing to U.S. soil and ensure a critical supply chain. “
Biosimilars Sciences will establish a state-of-the-art biotechnology facility in Aguadilla with a $ 200 million investment in machinery and equipment. It will develop a range of biosimilar (generic) products, including a vaccine against COVID-19, new cell and genetic therapy, biological products, clinical studies and other recombinant biotechnologies. Biosimilar’s current product portfolio has an approximate market value of $ 30 billion.
CytoImmune will be installed in Toa Baixa with a $ 28 million investment that includes machinery and equipment, and expects to hire up to 100 highly paid professionals. The company will develop and market new cancer immunotherapy products that use the same immune system as the patient to eliminate cancer cells. Cytolmmune is currently developing patented genetically engineered T-cell technology for the chimeric antigen receptor (CAR-T), as well as an approach to natural killer cell (NK) immunotherapy involving human cells. lules CAR NK.
“We are excited to start working in Puerto Rico, a jurisdiction that supports our mission to make organic products affordable, accessible and of superior quality. There is no doubt about the island’s capabilities in the biosciences sector. and we look forward to doing great things that will help save lives.All stakeholders in Puerto Rico who helped make our presence here possible have been a great support, a reflection of the island’s commitment to exercising the most high level in terms of biotech manufacturing and business development, ”said Robert Salcedo, president and founder of Biosimilars.
Rich Santulli, president and CEO of CytoImmune noted that “Puerto Rico has a proven history in the biosciences sector and a wealth of talent and human capital. It is clear that the environment in Puerto Rico is ideal for the development of our immunotherapies “.
For his part, the newly appointed Secretary of the Department of Economic Development and Trade of Puerto Rico, Manuel Cidre Miranda, reiterated that “Puerto Rico continues to take giant steps on its path to economic transformation. In compliance with the our strategic plan, we continue to build on the island’s legacy in the biosciences sector, attracting high-caliber manufacturers who are innovating on a large scale.Our investment value proposition in this area supports activities of all kinds of enterprise and train with our human capital, infrastructure and favorable business climate “
We recommend: