Pharmalucence To Build State-Of-The-Art Drug Production Facility In Billerica, MA With Support From $20M Recovery Zone Facility Bond
Pharmalucence, Inc. has announced its plan to construct a state-of-the-art, 70,000 square foot pharmaceutical production facility and new corporate headquarters at 29 Dunham Road, Billerica, MA. The company expects to create 25 to 30 new jobs as a result of this expansion. The project is supported by the first Recovery Zone Facility Bond issued in Massachusetts. The $20M bond was issued on the company's behalf by MassDevelopment and purchased by TD Bank.
Pharmalucence was formed in 2007 via a management buy-out of the U.S. subsidiary of a European pharmaceutical company.
"Pharmalucence has long maintained a strong radiopharmaceutical business in Massachusetts said Glenn Alto, Pharmalucence President and CEO. We are investing to fully replace and modernize our infrastructure to ensure we maintain our local presence going forward. This project will also expand our capacity to allow more focus on our contract manufacturing business, bringing growth. Currently, there is a trend to abandon domestic contract drug production for off-shore providers, but Pharmalucence is furthering its commitment in Massachusetts with full confidence. Companies that manufacture with us will gain access to the most advanced fill and finish technology available today. If an East Coast biopharma company wants world-class drug production services and can get them at a competitive cost in the Boston suburbs, why would they go to China or India? We think customers will find it's more appealing to drive from Cambridge to Billerica than to fly to Asia to get drug development and production work done."
Pharmalucence makes eight drugs used in the diagnosis of illnesses like cancer or heart disease. The company sells its excess production capacity to other pharmaceutical companies that need production support. Ed Connolly, Chief Operating Officer of Pharmalucence explains.
"We manufacture our own drugs for injection and use production processes that are highly specialized. Many biotech companies are at an early stage of their business development and choose to focus on the invention of new drugs and clinical trials. These organizations may lack aspects of drug commercialization like manufacturing or final product testing. They can contract Pharmalucence, leveraging our infrastructure and know-how to help advance their new therapies to market. It's a win/win."
The use of contract services in the biotech and pharmaceutical markets is financially compelling and is commonplace. However, this business is increasingly moving from the U.S. to countries where labor is less expensive. Pharmalucence is placing a big bet on their ability to not only compete with, but beat foreign competition locally.
The new Pharmalucence facility will feature advanced automation and use methods that isolate manufacturing within an aseptic envelope to enhance cleanliness and regulatory compliance. This facility will be among the first of its kind available to contract manufacturing customers. It will support small clinical trial lots to full commercial scale production for markets worldwide.
Pharmalucence starts construction during the summer of 2010 with full operation expected by the end of 2012.
About Pharmalucence, Inc.
Pharmalucence is a privately-held, employee-owned company specializing in the production and
marketing of radiopharmaceuticals and the furnishing of contract drug formulation, analytical
methods development and production services.
For more information, visit www.pharmalucence.com.
SOURCE: Pharmalucence, Inc.