(Yicai Global) October 19 -- Chinese drug developer Asymchem Laboratories will invest between CNY1.5 billion (USD216.2 million) to CNY1.8 billion to build a bio macromolecular drug contract development and manufacturing organization and research and development center in Shanghai's Jinshan district.

Asymchem has inked a framework agreement with the local government's development firm, the Tianjin-based firm said in a statement.

The project will be developed in several phases. Jinshan Industry Investment Development will provide land for the project through a bidding process, the statement said without providing further details.

The move aims to extend the company's service scope to the entire industry chain based on the company's world-leading bio small molecular drug CDMO business.

The firm has previously worked with Shanghai's Jiaotong University to set up a biotech lab, which will be used to pool talent for the new project.