Singapore, Jan. 24 -- South Korea's Celltrion Inc. said it will spend 600 billion won (US$520 million) on its new plant in China over the next five years. The planned plant, with a production capacity of 120,000 liters of biopharmaceutical products, will be located in the central city of Wuhan. It will be the largest production facility in the world's second-largest biopharmaceutical market.

Celltrion has signed a business agreement with the city government of Wuhan and the provincial government of Hubei Province. Under the agreement, the plant will not only develop and manufacture biopharmaceutical products but also include a contract manufacturing organization (CMO) business.

"There is huge demand for high quality medicine and medical...