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Jiaxing in East China's Zhejiang province secures the year's first 10 billion yuan ($1.42 billion) in investment on Feb 21. [Photo/cnjxol.com]

Jiaxing in East China's Zhejiang province secured the year's first 10 billion yuan ($1.42 billion) in investment on Feb 21, according to local media reports.

The investor, Arthur Pharma Group, plans to establish its Chinese headquarters and main production center in Jiaxing Science Town, Nanhua district. The company is mainly dedicated to developing, manufacturing, and marketing high-end and innovative medicine.

Covering an area of 156 mu (10.4 hectares), the production center is expected to generate 8 billion yuan in revenue and pay 500 million yuan in taxes per year after it begins operating.

In the second quarter of this year, Arthur Pharma plans to hire a workshop in Jiaxing Science Town to serve as its contemporary R&D and pilot production center. The company has also formed an R&D team consisting of core researchers from the United States and Shenzhen, Guangdong province.

Arthur Pharma Group is devoted to developing high-end active pharmaceutical ingredients and innovative medicines. Its products are valued at a total of $2.6 billion and its core R&D team has developed hundreds of APIs and preparations.

In order to offer convenient administrative services amid the novel coronavirus pneumonia outbreak, Nanhu district has launched a variety of online services and as of now, it has served more than 10 key projects online.