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89bio signs deal for construction of a production facility in China (NASDAQ:ETNB)







89bio Expands Horizons with New Production Facility Deal in China

Breaking Ground in China

In a bold move that could potentially reshape its future, 89bio, a stalwart in the industry with its trading symbol NASDAQ:ETNB, announced a momentous collaboration agreement. The company has inked a deal with the renowned China-based BiBo Biopharma Engineering for the construction of a cutting-edge production facility. This strategic move comes as a part of 89bio’s relentless pursuit of excellence and expansion into promising new markets.

Creating a Vision for Growth

The agreement outlines BiBo’s pivotal role in erecting a state-of-the-art production facility tailored to cater to 89bio’s needs. This facility is specifically designed to provide a seamless supply of pegozafermin, a vital component for commercialization pending approval. With an eye on the future, 89bio has taken a decisive step towards ensuring a steady flow of resources essential for its growth and success.

Investing in Innovation

With a commitment to innovation and progress, 89bio is set to invest significantly in this venture. The company has pledged an impressive $135 million towards the construction of the state-of-the-art facility. Notably, 45% of this substantial investment is slated to be disbursed in the third quarter of 2024, exemplifying 89bio’s dedication to pushing boundaries and exploring new frontiers.

Expanding Footprint in Shanghai

The site of this visionary facility will be in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, underscoring 89bio’s ambition to expand its footprint and presence in key strategic locations. This move not only highlights the company’s global vision but also showcases its drive to establish a robust manufacturing infrastructure to meet the demands of the ever-evolving market.

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Achieving Commercial Milestones

By leveraging the capabilities of the new facility, 89bio aims to achieve significant commercial milestones. The platform is poised to provide the company with essential manufacturing capacity, aligning with current projections and setting the stage for sustained growth and success. This collaborative effort holds the promise of unlocking new opportunities and propelling 89bio to greater heights in the competitive landscape of the biopharmaceutical industry.