AbbVie and Puerto Rico announce $30 million expansion
The new investment in biotechnology will create up to 100 new jobs
San Juan, PR – March 18, 2015 - The Commonwealth of Puerto Rico and AbbVie announced today the expansion of one of AbbVie's existing sites in the island with an estimated investment of $30 million. This expansion will add to Puerto Rico's capabilities as a manufacturing destination for biotechnology and is expected to create up to 100 new jobs over the next two years.
"AbbVie's expansion in Barceloneta is very important for us, as this site is one of the world's most advanced biopharmaceutical facilities, contributing to our island's growing reputation as a biotech hub", said Puerto Rico governor Alejandro García Padilla. "AbbVie's growth plans in Puerto Rico as well as its approach towards innovation and advanced therapies, gives us additional capabilities within the very competitive biopharmaceutical industry. Most important, their $30 million investment to expand their facilities is an encouraging expression of the company's confidence in their future in Puerto Rico."
The proposed expansion will take place in AbbVie's site located in the northern municipality of Barceloneta. This site is already home to two of the company's state-of-the-art facilities. According to Stephen Muldoon, vice president of engineering and operations for AbbVie, the company is focused on providing a significant impact on patients. "This investment demonstrates our commitment to Puerto Rico as a key element of our global manufacturing network. Our presence in Puerto Rico dates to 1969 and our patients benefit from our dedicated and talented local team", added Muldoon.
The support of the Puerto Rico Industrial Development Company (PRIDCO) has been instrumental during the consideration of this project. Given its strategic importance to Puerto Rico's manufacturing capabilities, PRIDCO will promote the expansion with incentives for job creation and infrastructure.
"AbbVie's expansion reaffirms Puerto Rico as a global manufacturing powerhouse where talented people combine with pioneer technologies to create biopharmaceutical products that have a significant role in the lives of many people worldwide", explained Antonio Medina Comas, executive director of PRIDCO. "We are committed to continue advancing our industrial development agenda, enabling similar investment opportunities to protect and expand our manufacturing footprint."
AbbVie's first manufacturing facility was established on the island in 1969. In addition to its commercial presence, AbbVie has three manufacturing plants in the island and generates more than 1,000 direct jobs. All three AbbVie sites combined manufacture thirteen products that support the therapeutic areas of immunology, virology and metabolic disorders.
AbbVie is a research-focused global biopharmaceutical company formed in 2013 after the split with Abbott Laboratories. Its mission is to use its expertise, dedicated personnel and unique approach towards innovation to develop and market advanced therapies that serve some of the most serious and complex diseases in the world.
Since 1942, the Puerto Rico Industrial Development Company (PRIDCO) has been committed to attracting investment and creating jobs for Puerto Rico. Operating as a government owned economic development organization; PRIDCO offers support to companies in areas such as aerospace, life sciences, information technology and electronics. For more information about PRIDCO please visit www.pridco.com. Follow us@FomentoPridco or find us at Facebook/PRIDCO.
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