Meta Bright partners Shenzhen-listed ChemPartner to develop pharma, biotech hub in Malaysia
PROPERTY and hospitality-centric Meta Bright Group Bhd (formerly Eastland Equity Bhd) has inked a strategic memorandum of understanding (MOU) with Shenzhen Stock Exchange-listed ChemPartner Pharmatech Co Ltd to develop a premier pharmaceutical and biotechnology hub in Malaysia.
The MOU which marks a significant milestone in Meta Bright’s expansion into the pharmaceutical and biotechnology sectors was sealed in Shanghai, China in the presence of Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi who acted as witness on Sunday (May 26).
ChemPartner which boasts a market cap of 2.4 bil yuan (RM1.6 bil) is renowned for offering comprehensive integrated services which include discovery chemistry, biology, pharmacology, drug metabolism and pharmacokinetics (DMPK) and toxicology.
As a leading contract development and manufacturing organisation (CDMO), ChemPartner specialises in biologics discovery, development and manufacturing. This collaboration leverages ChemPartner’s extensive expertise and global standing to elevate Meta Bright’s capabilities in the pharmaceutical and biotech arenas.
The collaboration aims to develop a state-of-the-art pharmaceutical and biotechnology hub in Malaysia by focusing on research and development (R&D), manufacturing and commercialising pharmaceutical products and biotechnological advancements.
“This project differentiates us from typical developments as it involves creating a niche market with a leader in the pharmaceutical and biotech sectors,” commented Meta Bright’s managing director Lee Chee Kiang.
“Moving beyond traditional development projects, we have positioned ourselves to take on sophisticated projects. We are confident that this venture will solidify our position as a leading player in the market and contribute to the broader economic development of Malaysia.”
Added Lee: “Both Meta Bright and ChemPartner share the same vision of strengthening bilateral relationships to contribute to Malaysia’s economy. By leveraging ChemPartner’s expertise in pharmaceuticals and Meta Bright’s strength in property development, we are set to create a groundbreaking hub that will benefit both our nations.”
According to a Bursa Malaysia filing, Meta Bright will identify a strategic site for establishing the said hub and oversee the construction and development of laboratories, manufacturing facilities and office/retail spaces.
Additionally, the group is committed to implementing environmentally sustainable practices to minimise ecological impact and promote green initiatives.
On the other hand, ChemPartner will seek and facilitate investment opportunities to support the hub’s growth and development. Among others, the company will engage with China’s pharmaceutical and biotech companies, academic institutions and research organisations to foster collaboration within the hub.
Interestingly, the hub is also anticipated to increase demand for renewable energy and energy efficiency solutions, operating leasing services for machinery and equipment as well as building materials such as concrete. This will consequently strengthen Meta Bright’s energy, leasing and building materials businesses.
At the close of today’s trading, Meta Bright was down 0.5 sen or 2.78% to 17.5 sen with 3.82 million shares traded, thus valuing the company at RM438 mil. – May 27, 2024