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HONG KONG, Mar 28, 2023 - (ACN Newswire) - OrbusNeich Medical (Zhejiang) Company Limited ("OrbusNeich Zhejiang"), a wholly-owned subsidiary of OrbusNeich Medical Group Holdings Limited ("OrbusNeich" or the "Group"; stock code: 6929), a major global medical device manufacturer specialized in interventional instruments for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures, today entered into a commercial agreement with Hangzhou Fuchun Bay New Town Management Committee in relation to the investment in and construction of an R&D and production base for vascular interventional medical devices (the "Project"), with investment in fixed assets amounting to approximately RMB300 million. Upon completion of construction and commencement of production, the Project is expected to have an annual production capacity of approximately 2.4 million units of products.
 | | (From Left to Right) Mr. David Chien Chairman, Executive Director and Chief Executive Officer of OrbusNeich and
Mr. Yu Naiqun, Member of the Standing Committee of Fuyang District Committee/ Member of the Party Leadership Group,
Fu Yang District People's Government, Hangzhou |
Pursuant to the commercial agreement, the Group is to build its R&D and production base in Fuchun Bay New Town, Hangzhou, on a site of about 20,000 m2 and with construction area reaching 50,000 m2. When completed, the facility will focus mainly on R&D and production of medical devices such as PCI and PTA intervention products, as well as structural heart disease interventional products, among others. The land parcel destined for industrial use will be sold by the Ministry of Natural Resources through open tender, auction and listing in open market. OrbusNeich Zhejiang will follow the required procedures to obtain land use right.
Mr. David Chien, Chairman, Executive Director and Chief Executive Officer of OrbusNeich, said, "Since listed on HKEX last December, the Group has pushed forward with implementing its corporate development strategies, with capacity expansion being an important component. In recent years, Fuchun Bay New Town has vigorously developed such emerging strategic industries as information technology, artificial intelligence, biotechnology, high-end equipment, with preferential policies in place in relation to land, talent and R&D for such enterprises. As a major global medical device manufacturer owning more than 180 granted patents, OrbusNeich setting up an operation base there will bring new and advanced technologies into the region and facilitate local industrial upgrading. We believe the cooperation will benefit the development of both the Group and Fuchun Bay New Town."
Currently, the Group has production facilities in Shenzhen, the PRC and Hoevelaken, the Netherlands, with an aggregate annual designed capacity of approximately 1,350,000 units of balloon products and approximately 56,000 units of stent products. According to the report from China Insights Industry Consultancy, the global PCI instruments and PTA instruments markets are expected to grow at a CAGR of 12.1% and 11.1%, respectively, between 2021 and 2030, pointing to huge growth potential. For the Group, it has in the pipeline about 40 products in different development stages for new business segments such as neuro-intervention and structural heart disease intervention products, and new product series. All circumstances considered, the Group expects its existing production capacity to be saturated in the future, commanding building of new production facilities to meet medium to long-term market demand and for effective capacity allocation.
Fuchun Bay New Town is in Fuyang District, Hangzhou. After the completion of construction of the new base, it will not only be the Group's largest R&D and production facility, but also a strategic location in the Yangtze River Delta. Capitalizing on the advantages of Yangtze River Delta as a transportation hub and talent pool, the Group can expand its production capacity, while enhancing its overall operational capabilities.
About Hangzhou Fuchun Bay New Town Management Committee
Hangzhou Fuchun Bay New Town Management Committee was established in January 2013. It is authorized by the Fuyang District Government of Hangzhou to develop, build and manage the Fuchun Bay New Town. It is responsible for construction in mainly the key area that reaches south of Fuchun River and parts north of the Hangzhou-Qiandaohu Expressway, spanning in all about 53.3 km2, with the goal of building in the area a new green industry-city integrated town that has creative and intelligent R&D, energetic entrepreneurship, smart manufacturing, cultural and leisure offerings, tourism and sight-seeing experiences, and transportation convenience all under one roof.
About OrbusNeich Medical Group Holdings Limited
OrbusNeich is a major global medical device manufacturer specialized in interventional instruments for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures. Headquartered in Hong Kong, China, OrbusNeich sells products to over 70 countries and regions worldwide, and it is also the only PCI balloon manufacturer headquartered in China that ranked among the top 6 players in all major overseas PCI balloon markets including Japan (Ranked No. 2), Europe (Ranked No. 4), and the U.S. (Ranked No. 6) in terms of sales volume of PCI balloons in 2021 in accordance with the CIC Report. In addition, in terms of sales volume of PTA balloons in 2021, it ranked No. 3 in Japan and No. 4 in the U.S., respectively. It also specializes in coronary stent products and is actively expanding into neuro vascular intervention and structural heart disease areas. OrbusNeich owns more than 180 granted patents globally as of December 2022. Its in-house R&D team has over twenty years of product development experience and has developed proprietary, world leading technologies.
For more details, please visit the Group's official website: https://orbusneich.com/
Topic: Press release summary
Source: OrbusNeich Medical Group Holdings Limited
Sectors: BioTech, Healthcare & Pharm
http://www.acnnewswire.com
From the Asia Corporate News Network
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