Piramal Pharma invests over Rs 235 crore to expand Michigan facility
New Delhi: Piramal Pharma Solutions on Tuesday said it is investing around USD 32 million (over Rs 235 crore) to expand its facility in Michigan, US, with additional capacity and new capabilities for the development and manufacturing of active pharmaceutical ingredients (APIs).
The company is investing the amount in the facility to keep up with expected demand based on current forecasts, including potential new opportunities, Piramal Pharma Solutions said in a statement.
The expansion is planned to be ready for customers beginning summer 2022. It is expected that the expansion will add around twenty new hires to the site, bringing the total headcount to more than 180 employees and further benefiting the local economy, it added.
"Piramal Pharma Solutions' Riverview facility has a well-earned reputation as the preeminent leader in high potency APIs, and this expansion is designed to ensure that we retain that position," Piramal Pharma Solutions CEO Peter DeYoung said.
It enables the company to support its customers' immediate and long-term API needs, strengthens presence in North America, and enhances ability to serve patients around the world by delivering the active ingredients in a timely manner, he added.
Piramal Pharma Solutions is a contract development and manufacturing organisation, offering end-to-end development and manufacturing solutions across the drug life cycle.
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