The Russian biotechnology company BIOCAD will invest an initial €25 million in establishing the facility in Turku, and launch research co-operation with the University of Turku and Åbo Akademi University.
The manufacturing facility and co-operation agreement will enable the biotechnology company to launch its exhaustive portfolio of chemical and biological drugs for cancers and autoimmune diseases – such as melanoma, multiple sclerosis, rheumatoid arthritis and renal cell carcinoma – in Europe.
Finland is an excellent platform for the St. Petersburg, Russia-headquartered company to begin its expansion to Europe, affirms Olga Makeeva, a senior advisor at Finpro’s Invest in Finland. “Finland was selected as the location for the manufacturing facility because of its close proximity and ease of setting up a business. Finland has in this respect a major competitive advantage over other countries in Europe.”
Turku was ultimately selected as the base for the expansion for two reasons: its expertise and traditions in pharmaceutical development and the commitment of the local administration.“The Turku region has a skills cluster consisting of businesses and universities with leading expertise in the life sciences industry,” Dmitri Morozov, the chief executive of BIOCAD, commented after signing the co-operation agreement on 23 May, 2017. “The possibility to co-operate on cancer-related research and other scientific projects was a key reason for us to set up in Turku.”
“Turku really has a unique cluster,” Aleksi Randell, the Mayor of Turku, tells. “It’s home to many of the leading research and development companies in Finland. Turku Science Park, the local community of businesses and research centres, has been particularly active in providing great opportunities to a variety of businesses, including start-ups.”
Makeeva believes the case is an example of also another emerging trend: Russia has a growing number of innovative companies with the potential to successfully enter the more challenging markets in Europe. BIOCAD also impressed her colleagues at Turku Science Park who praise BIOCAD for its straightforward business processes and its ability to make quick decisions. “Russia’s economy is no longer only about oil and gas,” tells Makeeva.
Photo showing: BIOCAD, the University of Turku, Åbo Akademi, and Turku Science Park Oy signed a cooperation contract on 23 May. BIOCAD CEO Dmitri Morozov second on the right.
Source: Turku Science Park