ScinoPharm Taiwan, Ltd. and Ruentex Group have agreed to invest in U.S.-based protein-based drug developer Tanvex Biologics Inc., eyeing the large U.S. biotech market, a ScinoPharm official said Wednesday. The two Taiwanese firms and Tanvex have signed an agreement on the investment to take a stake in the U.S. biotech firm, but declined to disclose the investment amount. 'It is a strategic alliance. ScinoPharm wants to take advantage of Tanvex's research and development achievements and speed up the pace of entering the huge U.S. market,' the official said. 'In addition, we aim to use Tanvex's labs to test and further develop our own drugs,' she said. ScinoPharm is a subsidiary of President Group, whose businesses includes food production, retail, construction, textile manufacturing and biotech development. Ruentex is a conglomerate engaged in businesses such as retail, construction and textile manufacturing, as well as finance. Lee Lih-yan, Vice President of Tanvex Biologics' Taiwanese unit, said ScinoPharm and Ruentex are expected to work with Tanvex to operate a new plant planned by the U.S. side, to be located in San Diego, California. 'The new plant is scheduled to be set up in one year, focusing on developing protein-based drug biosimilars, which Tanvex specializes in,' Lee said. Biosimilars are subsequent versions of innovative biopharmaceutical products made by a different developer after expiration of patents or exclusivity on the innovative products. 'The biosimilar market in the U.S. is huge and full of business opportunities, in particular after a large number of protein-based drug patents there will expire in the coming year,' Lee said. The local media cited sources from the biotech sector as saying that the new plant in San Diego is likely to need no less than US$20 million in investment. 