Innoforce is a Hangzhou, China-based contract development and manufacturing company.
The two companies expect to complete the facility in 2022.
The site will become part of Thermo Fisher’s international pharma services network. The company currently has facilities in 10 companies in the Asia Pacific region, including in China.
The Hangzhou facility will also comply with relevant regulatory guidelines associated with the China National Medical Products Administration, FDA and Europe, the Middle East and Africa.
In related news, Thermo Fisher Scientific recently expanded its direct-to-patient clinical trial service offerings.
“Decentralized clinical trials have been on the rise even before the COVID-19 pandemic due to the location of study centers and the amount of time required for study visits being barriers to patient enrollment and ongoing participation,” said Chris Armstrong, president of the company’s clinical trials business.
Thermo Fisher is having a banner year so far this year. Its stock has increased in value 62% since the beginning of the year.