Pharma Indonesia

active

BrightGene Bio-Medical Technology Co, Ltd (hereinafter referred to as “Brightgene”) is a leading Chinese biopharmaceutical company that focuses on the Research and Development (R&D) and manufacturing of high barrier generics, Active Pharmaceutical Ingredients (APIs) and Finish Dosage Forms (FDFs). This Shanghai Stock Exchange listed company is headquartered in Suzhou City, Jiangsu Province, with manufacturing plants situated in Suzhou, Taizhou and Chongqing. All the plants are compliant with Current Good Manufacturing Practice (CGMPs) which is the main regulatory standard for ensuring pharmaceutical quality under the American Food and Drug Administration. The plants have also received regulatory approvals from relevant organization within the European Union, Japan, Korea and China. Product sales represent BrightGenes primary income stream contributing 85.5% in 2020. IFC is considering a $50 million loan to finance BrightGene’s expansion into Indonesia. Brightgene subsidiary, PT BrightGene Biomedical Indonesia (hereafter referred to as “PT BBI” or “the company”) is situated within the Karawang New Industrial City (KNIC) an industrial park located in Karawang, West Java Province, approximately 50 km south-east of Jakarta, Indonesia. Construction commenced in 2019 and is scheduled to be completed by November 2021, whereafter a trial and commissioning phase will commence.  The manufacturing plant is part one of a three phase development plan for the company in Indonesia which comprises of: i) Phase One (funded under this proposed loan) - API development, with focus on manufacturing APIs for antivirus, oncology, cardiovascular and diabetes products); ii) Phase Two - FDF, including FDF from Phase One APIs, Oral FDF and injectables and iii) Phase Three (development of inhalants such as Budesonide and Fluticasone).  The manufactured APIs will initially service the Indonesian market; however, the Company plans to also export its products to other markets within South-East Asia as well as Muslim majority countries who prefer Halal certified products. This investment shall focus on Phase One.