Hong Kong's CK Life Sciences to invest $10m in Vic
Thursday, 28 October, 2004
Hong Kong biotechnology company CK Life Sciences, part of the Cheung Kong group, is set to invest $10 million in R&D in Victoria, according to state premier Steve Bracks.
Bracks, who met with CK Life Sciences' chairman Victor Li and president HL Kam on Monday in Hong Kong, said the company was keen to collaborate with Victorian scientists on cancer and HIV/AIDS research.
CK Life Sciences already has an ongoing collaboration with Swinburne University's Graduate School of Integrative Medicine and the Burnet Institute to trial an HIV treatment based on Chinese herbal medicine.
Other current investments by the company in Victoria include the commissioning of a preclinical study on an anticancer herbal preparation at the Peter MacCallum Cancer Centre, and a 51 per cent stake in a water treatment facility. The company also acquired Victorian fertiliser company, Paton Fertilisers, earlier this year.
Bracks said the investment was a vote of confidence in Victoria's biotechnology sector.
"This announcement could be the start of significant ongoing R&D between Victoria's biotech companies and institutions and CK Life Sciences, one of the region's leading companies," he said.
The Department of Innovation, Industry and Regional Development (DIIRD) and Invest Victoria will work with CK Life Sciences to facilitate collaborations between the company and Victorian researchers, particularly in clinical development.
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