2 biotech firms investing $228M to open plants in Puerto Rico
CytoImmune Therapeutics, Inc. and Biosimilar Solutions, LLC will establish operations in Puerto Rico to develop their biotechnology products. Both initiatives represent a combined investment of some $228 million and the creation of 400 jobs, economic development organization Invest Puerto Rico announced.
While CytoImmune Therapeutics will engage in developing cancer immunotherapy solutions, Biosimilar Sciences will work on biotech products, including a COVID-19 vaccine.
Biosimilar Sciences will establish a state-of-the-art biotech facility in Aguadilla with a $200 million investment in machinery and equipment. It will develop a series of biosimilar products, including a COVID-19 vaccine, new cell and gene therapy, biologics, clinical studies, and other recombinant biotechnologies. Biosimilar’s current product portfolio has an approximate market value of $30 billion.
“We’re excited to get to work in Puerto Rico, which supports our mission to make biologics affordable, accessible, and with uncompromising quality,” said Robert Salcedo, CEO of BioSimilar.
“There’s no doubt about the island’s capabilities in the bioscience sector and we look forward to doing great things that help save lives. All of the stakeholders in Puerto Rico who helped make our presence here possible have been supportive, a reflection of the island’s commitment to performing on the highest level in terms of life science manufacturing and business development,” he said.
Meanwhile, CytoImmune will settle in Toa Baja with a total $28 million investment including machinery and equipment and expects to hire up to 100 highly remunerated professionals.
The company will be developing and marketing novel cancer immunotherapy products that use the patient’s own immune system to eliminate cancer cells.
“Puerto Rico has a proven history in the life science sector and a deep talent pool. It is plain to see that the environment in Puerto Rico is ideal for the development of our immunotherapies,” said CytoImmune CEO Rich Santulli.
The relocations are a result of InvestPR’s strategic plan with support from BiosciencesCorp Puerto Rico for strengthening Puerto Rico’s bioscience sector, which is home to more than 100 US Food and Drug Administration-approved plants that generate $50 billion in production revenue annually.
“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,” said Rodrick Miller, CEO of InvestPR.
“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,” he said.
“We proudly welcome CytoImmune and Biosimilar to Puerto Rico and reiterate our commitment to helping them ensure success and a healthy return on investment,” he said.
The companies will take advantage of the Puerto Rico Incentives Code (Act 60) and other assets to set up their operations.