AlphaRx, Inc., a specialty pharmaceutical company, recently announced that the company has selected Hong Kong as the new corporate headquarters. The company also selected a location in Shanghai for a new R&D facility. This announcement will not affect the company’s presence in Toronto, Canada, which will continue to serve as AlphaRx’s headquarters in North America.
Spearheading a major push into Greater China, AlphaRx’s new R&D facility will be located in China’s Medicine Valley, a 740-acre high-tech park with more than 400 research-based companies, including the regional headquarters of some of the world’s leading pharmaceutical companies.
Michael Lee, chief executive officer and president of AlphaRx, Inc., stated, “The Shanghai government has offered business incentives to help the decision-making process.” Mr. Lee continued, “Some of the incentives include financial assistance through various types of transactions, including grants, loan guarantees and interest subsidies which translate into substantial reduction in overall project development costs.”