Essex Bio (IFC-38104)

  • China
Geographic location where the impacts of the investment may be experienced.
Specific Location
Zhuhai, Guangdong Province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 23, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.31 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank Jul 8, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
Founded in year 1990 and listed on the Hong Kong Growth Enterprise Market in 2001, Essex Bio-Technology Co Ltd. ("Essex" or "the company") is a market leader engaged in the development, manufacturing and sales of biopharmaceutical drugs based on basic fibroblast growth factor ("bFGF") technology. The principal activities of the company, which is headquartered in Zhuhai, Guangdong Province in China, are the manufacture and sale of biopharmaceutical products for the treatment and healing of surface wounds and eye wounds. Essex is also engaged in the research and development of new bFGF products as well as other ophthalmic pharmaceutical projects.At present the company operates one manufacturing plant which was commissioned in 2014 and subsequently certified against the national requirements for good manufacturing practices for drugs (GMP, China Food and Drug Administration). The operational process of Essex includes; (i) production of pure bFGF (including adding of bFGF gene into express vector, cloning, activating, culturing, fermenting, bacterium breaking and purifying); and (ii) production of bFGF series drugs (dissolving and sterilizing of supplementary materials; mixing with bFGF, and bottling of products into sterilized bottles).Essex has developed a strong drug distribution network in China with 39 regional sales offices (the company typically rents small offices in commercial centers for purposes of the sales office). In addition, Essex increases its product portfolio and revenue through obtaining distribution rights from other companies including Pfizer and Elektron. Essex is also actively seeking investment opportunities for technological advances or to increase its product pipeline.IFC is considering a convertible loan of up to $ 19.3 million to be used for working capital financing of Essex. The proceeds of the loan will be used for general working capital requirements as well as to support strategic investments and capacity increase of the biopharmaceutical business.
Investment Description
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Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Mr. Fang Haizhou, Executive Director and Managing Director Essex Bio-Technology Limited No. 88, Keji 6th Road, Hi –Tech Zone, Zhuhai, Guangdong, China Tel: +86 13809801958; E-mail: Web site: ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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