NDC invests in pioneering biotech firm
The National Development Company (NDC) has invested P70 million in Manila Health Tek Inc. (MTek), a homegrown biotechnology firm known for its pioneering work in diagnostics and molecular technology.
The Department of Trade and Industry’s investment arm said on Tuesday that it had released the funding last Aug. 15 for its investment in the company.
“MTek will use the investment to mainly fund, among other requirements, the completion of MTek’s first state-of-the-art molecular diagnostic and medical device manufacturing facility in Marikina City,” the NDC said in a statement.
The government-owned corporation added that the facility was slated for completion by the end of November this year.
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In another development, the NDC signed a 25-year commercial lease agreement with the operator of popular restaurant brand Hard Rock Café for one of its vacant properties in Makati City.
Article continues after this advertisementThe long-term lease contract with The Bistro Group (TBG) Shared Services Inc. involves a 1,256-square-meter lot along Kamagong Street that used to house a gasoline station.
Article continues after this advertisementAccording to the NDC, the site will become TBG’s new corporate head office, with a five-floor building for offices as well as commercial spaces on the ground floor.
The NDC had also invested P40 million in another biotechnology firm in Davao late last year. Davao Thermo Biotech Corp. received the funding for the expansion of its plant in the province which includes, among others, installation of a dashboard to monitor air and composting activity.
The NDC has released more than P100 million for investment ventures since its general manager Antonilo Mauricio took office in October 2022. INQ
