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news.Lotus Pharmaceuticals has entered into an agreement with the Cha You Qian Qi Economy Commission, Inner Mongolia, to purchase the land rights to property on which it plans to construct a facility for developing and manufacturing pharmaceutical products. The cost of land rights was RMB108 million, of which Liang Fang has paid RMB39 million to Cha You.
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The property, located in Cha You’s Cha Ha Er Industrial Garden District, is approximately 400,200 square meters. Plans call for construction of a 40,000 square meter manufacturing facility. The property was acquired for development by Liang Fang Pharmaceutical, a PRC company fully controlled by Lotus.
The agreement, through which Liang Fang acquired land rights to the property, stipulates that construction of a manufacturing facility on the property must start by September 3, 2008. The facility is expected to be completed and equipped by December 2010, and production to start after receiving Good Manufacturing Practices (GMP) approval.
Lotus intends to develop and manufacture a number of pharmaceutical products at the facility. The first products planned for manufacture include saline for intravenous use and blood plasma substitutes. Manufacturing and distribution of each planned item will require separate government approvals. Lotus intends to produce prescription items for distribution to hospitals after enlarging its current distribution network.