Tasly Group, a biopharmaceutical company based in China, said Thursday it will invest $40 million to take up 430,000 square feet in Montgomery County.
The company will open a production facility and training center for traditional Chinese medicine in the Shady Grove Life Sciences Center. It is the largest investment in Maryland by a Chinese company, according to Gov. Martin O’Malley’s office, and is slated to bring “dozens of jobs” to the state over the next three years.
O’Malley made the announcement following a keynote address on his first full day of a 10-day economic development mission to Asia. Sixty-eight business leaders, politicians and higher education officials have joined O'Malley on the trip.
“By reaching across borders, we can share knowledge and research, generate promising partnerships, and leverage the power of innovation to create jobs and expand opportunity to make our children winners in this changing, global economy,” O’Malley said in a statement.
Tasly is preparing for phase III clinical trials of their Compound Danshen Dripping Pills (CDDP), traditional Chinese medicine developed to treat and prevent coronary disease. The company plans to collaborate with Johns Hopkins University and the other biotech companies located at Shady Grove.