South Korea-based conglomerate Orion Holdings Corp. will enter China’s vaccine market by constructing a manufacturing plant in Jining city, Shandong Province. The company signed an agreement with local authorities this week to build a 49,600-square-meter biotechnology complex, with an investment of KRW90 billion ($69 million), set to begin operations by 2024.
Project Details
The project will be led by a joint venture (JV) between Orion and Shandong Lukang Pharmaceutical Co., Ltd, named Shandong Lukang Haoliyou Biotechnology Development. Orion will hold a 65% stake in the JV. The plant will initially focus on developing a tuberculosis vaccine, in collaboration with South Korean biotech Quratis Co.
Strategic Expansion
While Orion is known for confectionery in Korea and China, the firm has been expanding into life sciences. In May 2021, it acquired colorectal cancer diagnosis technology from Genomictree Co., and in November 2023, established a lab and production facility for cancer diagnostic kits in China.-Fineline Info & Tech
