PROJECT

Projects

Summary of Investment Information

Project Number

38104

Company Name

ESSEX BIO-TECHNOLOGY LIMITED

Date SPI Disclosed

Jul 8, 2016

Country

China

Region

East Asia and the Pacific

Projected Board Date

Jun 23, 2016

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Sep 27, 2024

Department

Regional Industry - MAS Asia & Pac

Industry

Health, Education and Life Sciences

Previous Events

Approved : Jun 23, 2016
Signed : Jul 6, 2016
Invested : Aug 2, 2016

Sector

Other Medical

Project Description

The proposed project involves IFC providing a convertible loan to Essex Bio-Technology Limited (“Essex” or the “Company”), which is a market leader in the development, production, and sale of biopharmaceutical drugs in China. These drugs are used in the treatment of surface wounds and a variety of eye diseases and are based on basic fibroblast growth factor (bFGF) technology. Essex is a research and development (R&D) driven pharmaceutical company and holds seven innovative patents. The majority of its drugs are Category I drugs in China, meaning that they are (i) new and innovative; (ii) have not been approved or launched in any other country yet; and (iii) with a period of patent protection until 2030 and market exclusivity. The Company plans to continue investing in R&D, increase its sales-force, and improve its working capital management (the “Project”) with a total project cost of about US$45 million equivalent.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation