Company Briefs :GIC, Polymer Connected

GIC, Polymer Connected

GIC is partnering data centre provider Polymer Connected to develop a data centre campus in Jakarta, both firms announced in a joint statement yesterday.

Polymer Connected has acquired the land to build the campus in West Jakarta.

The campus, which is Polymer Connected's first in Indonesia, will be leased on a large, long-term basis to wholesale clients, the companies said.

According to GIC and Polymer Connected, the campus will also be the first green Indonesian data centre to utilise Jakarta's natural gas network to produce electricity, and be "scalable, reliable and secure".

Said Polymer Connected chief executive Darren Hawkins: "With a population of 575 million, 350 million Internet users and 390 million active mobile users, South-east Asia's digital economy is forecast to triple to US$240 billion (S$328 billion) by 2025. Data centres represent the backbone of this movement.

"Our aim is to provide businesses with state-of-the-art data solutions, and to help our clients unlock their growth potential in these fast-emerging digital markets."

Tessa Therapeutics

Singapore-based biotech company Tessa Therapeutics and China-Singapore Guangzhou Knowledge City (CSGKC) have formed a US$120 million (S$164 million) joint venture (JV) in China to develop cell therapies for cancer.

CSGKC, a greenfield development by Ascendas-Singbridge and Guangzhou Development District, will contribute US$80 million and Tessa the remaining US$40 million. The funding will be done in two stages.

In the first stage, CSGKC will contribute US$40 million for a 13 per cent stake in the JV. Tessa will contribute US$20 million and its technology licence rights for China, and hold the remaining 87 per cent stake.

The company did not disclose information about the second stage.

The JV will be the sole licensee of Tessa's cell therapies for research, clinical development and commercialisation in China.

The JV's immediate strategic priorities will focus on conducting clinical trials in China for Tessa's cell therapies, which target prevalent cancers in the country for patients with haematological malignancies and solid tumours, said Tessa. This will be done by building up operational capabilities and adding clinical trial sites in China into Tessa's global clinical trial network, added the company.

A version of this article appeared in the print edition of The Straits Times on June 14, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe