June 20, 2007 -- Hutchinson MediPharma Ltd., a division of Hutchinson China Meditech Ltd. (London: HCM) (see story), purchased for $3.3 million the R&D facility in Shanghai it currently occupies. The building, which is located in Zhang Jiang High-Tech Park, currently is home to the 120 scientists and staff who work for China Meditech. It has the capacity to expand to house 300 employees. Hutchinson MediPharma has been leasing the facility since 2004. When the company signed its original lease, an option was included for the purchase of the property at this price. The 5,204 square meter facility currently has a market value estimated at $5.6 million. More details...
