Belê Puerto Rico dio a conocer durante dia de hoy que CytoImmune Therapeutics, Inc. and BioSimilar Solutions, LLC, the pharmaceuticals’ novelty products, confirm their compromise of establishing operations and the Isla to develop their biotechnological products, which include cancer and a vaccine for COVID-19, respectively.
The relocations of both companies are the result of the strategic plan of InvestPR to attract investment in the life sciences sector of Iceland. “This announcement is a clear indication that Puerto Rico’s economic system is being prepared to support innovation, manufacturing and distribution on a global scale. It also demonstrates that this sector is critical to the economic transformation of Iceland. that emerging biotechnologies can offer the benefits of job opportunities with the FDA’s exit approval. By joining CytoImmune and Biosimilars, we will reach our compromise with aids in logging the value and a ROI value.
Using the Puerto Rico Incentive Code (Ley 60) and other benefits to establish operations in Puerto Rico, both companies carry out research activities and develop new biological and cellular therapies. Both initiatives represent a combined inversion of approximately $ 228 million and the creation of 400 job opportunities.
The governor of Puerto Rico, Pedro R. Pierluisi, commented that “Puerto Rico is a new demonstrator of the talent, resources and capabilities of a global leader in manufacturing in the life sciences sector. Thanks to the work of Invest Puerto Rico and the Department of Economic Development and Commerce, a recent number of companies are approving the value proposition of the Isla to boost its operations, which can be obtained from a private investor, Creation a positive inversion return for all. In addition, Puerto Rico is on the list to serve the United States to burn an ecosystem trying to revamp its manufacturing industry and guarantee a critical health minister’s case.
BioSimilars Sciences establishes a biotechnology installation of ultimate generation in Aguadilla with an investment of $ 200 million in machinery and equipment. It will develop a series of biosimilar (generic) products, including a vaccine against COVID-19, new cellular and genetic therapy, biological products, clinical studies and other biotechnological recombinant products. Biosimilar’s actual product portfolio has an estimated market value of $ 30 million.
CytoImmune will be installed in Toa Baja with a $ 28 million investment that includes machinery and equipment, and hopes to hire up to 100 highly-paid professionals. The company develops and commercializes new immunotherapy products against cancer that utilize the patient’s immunological system to eliminate cancer cells. Cytolmmune is currently developing patented technology T cells modified by genetic engineering of the chimeric antigenic receptor (CAR-T), as well as a focal point for the immunotherapy of natural assay cells (NK) that involve cells.
“We are excited to start working in Puerto Rico, jurisdiction that supports our mission to ensure that biological products are equitable, accessible and with superior quality. There is no doubt about the capabilities of Iceland in the life sciences and experience sector things that help save lives. All the interested parties in Puerto Rico that help make possible our presence here are a great support, a reflection of the compromise of the Isla to dismantle at the highest level in terms of biotechnology and design ” dijo Robert Salcedo, president and founder of Biosimilars.
Rich Santulli, President and CEO of CytoImmune signals that “Puerto Rico has a proven track record in the life sciences sector and a large amount of talent and human capital. It is clear that the Puerto Rican entity is ideal for developing immunotherapy “.
For his part, the newly appointed secretary of the Department of Economic Development and Commerce of Puerto Rico, Manuel Cidre Miranda, reiterated that “Puerto Rico continues to have significant steps in its path to economic transformation. In addition to our strategic plan, we will continue to build on the Isla legacy in the life sciences sector, attracting the high-caliber manufacturer who is innovating on a large scale. Our investment value inversion in this area supports all types of business activities, facilities with our human capital, infrastructure and favorable business climate ”
The recommendation: