SHANGHAI, July 15 (Xinhua)-- China's Shanghai Fosun Pharmaceutical (Group) Co., Ltd and Spanish-based Chemo Group have agreed to invest 500 million yuan (73.8 million U.S. dollars) in the development of monoclonal antibody drugs, a spokesman with Shanghai Fosun said Thursday.` The two sides will cooperate through their existing joint venture established in 2008, the Shanghai Chemo Wanbang Biopharma Co,. of which Fosun Pharmaceutical holds 70 percent and Chemo holds 30 percent.
Chemo Group is a subsidiary of Argentina's Grupo Insud.
Senior Vice President of Fosun Pharmaceutical and president of Shanghai Fosun Pharmaceutical Development Co., Ltd, Li Xianlin, said the investment would be used to develop four types of monoclonal antibodies to cure tumors and rheumatoid arthritis.
Li said monoclonal antibody drugs have been successfully used in curing tumors and immune system diseases. Monoclonal antibodies are produced from a single clone of cells to produce a homogenous set of antibodies.
To date, global sales of monoclonal antibody drugs have surpassed 40 billion U.S. dollars, said a statement from Shanghai Fosun.