May 7, 2008 -- Venturepharm Asia, a joint venture between Commonwealth Biotechnologies (NSDQ: CBTE) and Venturepharm (HK: 8225), will build two state-of-the-art chemistry facilities in Jiangsu province, China, with capital provided by Venturepharm and grants awarded by the federal government of China. The labs will employ 200 chemists by the end of 2008, and the JV expects to have 1000 scientists on board in 2010. The JV expects “strong” revenues in the first twelve months of operation, though it did not disclose a specific figure. It further projects that revenues will expand five-fold by 2010. More details...
