BiotechCorp & UEM To Jointly Develop Bio-Xcelll

17 September 2009 , By BERNAMA

KUALA LUMPUR, Sept 17 (Bernama) -- Malaysian Biotechnology Corporation Sdn Bhd (BiotechCorp) and UEM Land Holdings Bhd will jointly develop a RM550 million biotechnology ecosystem called Bio-Xcell in Iskandar Malaysia.

BiotechCorp will hold a 60 per cent stake in the joint-venture while the balance will be owned by UEM Land, said BiotechCorp's Chief Executive Officer Datuk Iskandar Mizal Mahmood.

" The project will be financed by internal funds as well as external borrowings," he told a press conference after a signing ceremony between the company and UEM Land to facilitate the joint venture.

The signing was witnessed by Deputy Prime Minister Tan Sri Muhyiddin Yassin.

Bio-Xcell will comprise the development of a supportive biotechnology ecosystem around targeted strategic anchor tenants and in the process expedite the growth of the industry.

This public-private sector partnership will also leverage on the strengths of both UEM Land And BiotechCorp to market and position Bio-XCell as a premier biotechnology park in Malaysia and the Asean region.

" Bio-Xcell would concentrate on the biotechnology and healthcare industry. We are also targetting companies that are into renewable energy.

" The first company is expected to move in next year," he said.

Iskandar also said companies can leverage on the abundance of oil palm biomass, proximity to raw materials and Malaysia's position as one of the world's largest biodiversity.

He added BiotechCorp has identified and commenced engagements with several strategic international partners and collaborators to anchor Bio-XCell.