The Skolkovo Foundation and Finland’s Turku Science Park have inked an agreement on the creation of a 200 million euro BioCity biotech technopark in the Skolkovo innovation hub, the Russian news agency RIA Novosti .

The design stage of the project will end next year, and by the end of 2018 the technopark is slated for completion, the source said. Turku Science Park is expected to act as the prime operator of the new project which has been designed by Lundån Architecture Oy, a Finnish architectural design bureau, and will be built by Finland’s Capital Development Group.

Skolkovo-based BioCity is assumed to emerge as a revamped copy of the existing similar technopark in Turku, Finland.

“The opening of such a center at Skolkovo will dramatically alter the current situation in Russia’s biotech market. The BioCity center will become a source of world-class projects in Russia and a center of unique competencies for Russian research organizations, innovative SMEs, and pharmas,” the Skolkovo Foundation reportedly believes.