Invest Puerto Rico today announced that CytoImmune Therapeutics, Inc. and BioSimilar Solutions, LLC, two new-product pharmaceutical companies, have confirmed their commitment to build island operations to develop their biotechnology products, including cancer immunotherapy treatments and a vaccine for COVID-19, respectively.
The relocations of both companies are the result of InvestPR’s strategic plan to attract investment in the island’s life sciences sector. “This announcement is a clear indication that Puerto Rico’s business ecosystem is ready to support innovation, manufacturing, and distribution in the life sciences on a global scale. It also demonstrates that this sector is pivotal in the island’s economic transformation as it emerges. biotech companies can provide hundreds of employment opportunities with successful FDA approval. We welcome CytoImmune and Biosimilars and we reiterate our commitment to help them achieve success and a healthy ROI, “said Rodrick Miller, CEO of InvestPR.
By leveraging the Puerto Rico Incentive Code (Law 60) and other benefits to establish operations in Puerto Rico as a resource, both companies will conduct research and development activities for new biological and cellular therapies. Both initiatives represent a combined investment of approximately $ 228 million and the creation of 400 jobs.
Puerto Rico Governor Pedro R. Pierluisi commented, “Puerto Rico is further proof that we have the talent, resources and capabilities of a world leader in manufacturing in the life sciences industry. Thanks to the work of Invest Puerto Rico and the Department of Economic Development and Commerce, a growing number of companies are taking advantage of the island’s value proposition to boost their operations, which in turn leads to increased private investment, job creation and positive returns . on investment for everyone. In addition, Puerto Rico is poised to serve the United States by providing a proven ecosystem to move production to US soil and ensure a critical supply chain. “
BioSimilars Sciences will set up a state-of-the-art biotechnology facility in Aguadilla with an investment of $ 200 million in machinery and equipment. It will develop a number of biosimilar (generic) products, including a COVID-19 vaccine, new gene and cell therapies, biologics, clinical studies and other recombinant biotechnologies. Biosimilar’s current product portfolio has a market value of approximately $ 30 billion.
CytoImmune will be installed in Toa Baja with an investment of $ 28 million, including machinery and equipment, and expects to employ up to 100 well-paid professionals. The company will develop and market new cancer immunotherapy products that use the patient’s own immune system to kill cancer cells. Cytolmmune is currently developing patented chimeric antigen receptor (CAR-T) engineered T cell technology, as well as a human natural killer (NK) cell immunotherapy approach involving CAR NK cells.
“We are delighted to begin 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 potential in life sciences and we hope to do great things that help save lives All of the stakeholders in Puerto Rico who helped make our presence here possible were very supportive, a reflection of the island’s commitment to performing at the highest level in biotechnology manufacturing and commercial development, ”said Robert Salcedo, president and founder of Biosimilars.
Rich Santulli, President and CEO of CytoImmune pointed out that “Puerto Rico has a proven history in the life sciences industry and a wealth of talent and human capital. It is clear that the Puerto Rico environment is ideal for the development of our immunotherapies”.
The newly appointed secretary of the Puerto Rico Department of Economic Development and Commerce, Manuel Cidre Miranda, for his part, reiterated that “Puerto Rico is still taking giant steps towards economic transformation. In line with our strategic plan, we will continue to build on the island’s legacy in the life sciences sector and attract high-caliber manufacturers who innovate on a large scale. Our investment value proposition in this area supports the operations of all types of companies, providing them with our human capital, infrastructure and a favorable business environment ”
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