Spotlight on Québec By Shawn Lawrence
Green Cross BioTherapeutics: The new kids on Montréal’s biopharma block
From L to R : Dr. Eun Chul Huh (President of Green Cross Corporation), Mr. Alan DeSousa (Mayor of the Borough of Ville St. Laurent), Mr. Young Ho Kim (CEO of Green Cross Biotherapeutics Inc.), Mr. Jacques Daoust (Minister of Economy, Innovation and Exports), Dr. Il Sup Huh (Chairman of Green Cross), Mr. Pierre Desrochers (President of the Executive Committee of Montreal), Mr. Jin Hur (Consul General and Ambassador) andMr. Mario Monette (President & CEO of Technoparc Montreal).
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here’s a new player on Québec’s life sciences scene with South Korean drug-maker Green Cross setting up shop via its new North American subsidiary, Green Cross BioTherapeutics (GCBT). Not only does the company’s entry into the Canadian market mean the creation of new jobs in the manufacturing space, it represents one of the largest foreign investments in the province’s life science sector in over a decade, totaling $315 million. Moreover, the company has shovels in the ground at Montréal’s Technoparc constructing its new 225,000 square foot biologics manufacturing and plasma fractionation facility, the first plant of its kind in Canada. GCBT is planning to recruit over 200 highly qualified scientists, engineers, microbiologists, chemical engineers and other professionals, who will all contribute to the production and distribution of plasma protein products from the facility. Once it reaches full operations in 2019, GCBT expects to generate annual revenue of over $300 million from its own manufactured products, exceeding $500 million in total sales turnover, including all distributed and imported goods. According to Joon Hee Han, managing director of GCBT, the company’s Canadian expansion is about capitalizing on growing
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Biotechnology Focus / August/September 2015
opportunities in the North American market as well as augmenting its business initiatives in Asia. “We see a lot of opportunity for our technologies and plasmaderived medicines here, with the market for Immunoglobulin (IVIG) growing in Canada and North America representing 40 per cent of the global market,” he says. He comments that the first phase of this project will include establishing a manufacturing presence with Intravenous Immunoglobulin (IVIG) for patients with infectious and immune disorders and albumin products to treat burns and bleeding disorders by replenishing blood plasma volume among the products to be produced at the plant. When complete, it will have the capacity to fractionate up to one million litres of plasma a year. “This plant will supply the Canadian market but also export to other countries, including the U.S. and China,” he says. Han adds that because Canada currently relies mostly on imports for its IVIG, Canada will benefit from having Green Cross as a domestic manufacturer. According to Han, the decision to come to Canada was the result of a long intensive review process for which Green Cross hired Deloitte. “First our strategy was to acquire a company in the United States
