Three new tenants help secure funding for Malaysian biotech park
Big things continue to happen for the Iskandar Malaysia economic zone near Singapore. Business Times reports Bio-XCell Sdn Bhd says it’s about to announce a new international investor for the zone’s biotechnology park, with another two lined up to join in the next couple of years.
Bio-XCell, which is at the center of the park’s development and its main promoter, is a joint venture between Malaysia’s Biotechnology Corp Sdn Bhd and UEM Land Holdings Bhd. The three prospective tenants helped secure extra funding from Maybank for the project and have even been named: India’s Biocon Ltd, France’s Metabolic Explorer and US-based Glycos Biotechnologies Inc.
Maybank’s new contribution is worth RM250 million (US$82.45 million) as a 12-year Islamic term facility, enabling the development’s first phase to be completed. The first phase’s total RM950 million ($314.45 million) cost will also be funded by foreign direct investment (FDI) and sale of shares to the public. About RM500 million worth of FDI has already been raised.
Iskandar Malaysia’s biotechnology park is a 29-hectare, 1.125 million sq ft space dedicated to making biotechnology a bigger contributor to Malaysia’s GDP, as well as harnessing the economic advantages of its location in the Johor Bahru growth corridor. The plan is to grow the park in three stages over six years. Bio-XCell’s definition of ‘biotechnology’ includes “biopharmaceutical, industrial technology and green chemical” industries not related to agriculture.
source & articles: Business Times
- Biotech entrepreneurship flourishing in Malaysia
- ‘Wave’ of FDI flows into Malaysia in 2011
- The Economist: good policies creating a strong Penang
- Senai Hi-Tech Park will help transform Malaysia, says PM Najib
- Indonesia to give tax holidays to major foreign investors
- AirAsia in share swap with Malaysia Airlines?
- Japanese M&A activity and FDI grows in Malaysia
- RIM may set up Blackberry procurement center in Penang
- Indonesia strong enough to cope with ‘hot money’, but still wary
- Corporatize sports funding, says Malaysian govt.