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SOLVO Biotechnology establishes US unit

Hungary's SOLVO Biotechnology has established a unit in the United States, the company told MTI.

SOLVO set up an office in Boston to meet growing market demand in the recent period, said business development director Berend Oosterhuis. Demand for the company's products has grown since the US Food and Drug Administration (FDA) introduced new directives requiring review of drug transporters – in which SOLVO specializes – as part of drug studies, he added.

SOLVO's revenue – all of it from exports – rose 50% last year, climbing over HUF 1 billion for the first time. This year, the company expects revenue to rise over 50%.

The company has more than 400 partners in 38 countries.

More than one-third of SOLVO's 90 staff have PhDs.