|A rendering of the proposed facility in Dunkirk, NY--Courtesy of Athenex|
A Buffalo, NY, company that has spent more than a decade developing cancer drugs will get a substantial boost from New York to build a biologics manufacturing plant that it projects will eventually hire 900 workers. It is the third recent announcement that the company is expanding its manufacturing capabilities.
Athenex, formerly Kinex, will get a $220 million infusion from New York, most of which is to be used to build manufacturing plant in nearby Dunkirk, NY. It says it expects to ultimately invest $1.62 billion in the 300,000-square-foot manufacturing facility. The state is also investing $25 million for Athenex to expand its headquarters at the Buffalo Niagara Medical Campus, according to the company. Athenex says it expects to add 500 jobs there over a 10-year timeline.
Athenex was founded as Kinex in 2002 at the University of Buffalo and received millions of dollars from local venture capital investors, according to the Buffalo Business Journal. Last year it raised $75 million in a closed investment round, primarily from Chinese investors.
In September, it announced that it had acquired QuaDPharma, Western New York-based CDMO, for an undisclosed sum. It also changed its name that month. Then in October, Athenex said it had struck a partnership agreement with China's Chongqing municipal government to build two drug manufacturing plants at Banan that will receive local funding for land and construction. Athenex said that project would allow it to expand its high potency oncology active pharmaceutical ingredient manufacturing capacity. It said at the time that a manufacturing plant it previously acquired in Chongqing from Polymed/Taihao was at full capacity.
- here's the company release
- read more from the Buffalo Business Journal