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.