The owners of New Jersey-based Amneal Pharmaceuticals say they intend to move their company into the top 5 generics makers in the U.S. and are rolling out a $120 million expansion to help get there.
The investment will be made through 2014 at plants in New York, New Jersey and Kentucky and will double the company's capacity. It is expected the expansion will result in about 500 new jobs in manufacturing as well as research and development, distribution and sales. It estimates the ramp up will add $21 million in payroll.
The company did not say specifically which three of its 6 U.S. facilities will be expanded but officials in Long Island, NY, have already identified one there as targeted for a $50 million expansion. Amneal has a distribution facility in Glasgow, KY, and three manufacturing plants in New Jersey. The company also has a plant in India.
The company already makes prescription and over-the-counter medications for treatments that include pain management, cardiovascular and central nervous system conditions. The new facilities will permit it to add high potency medications, controlled substances and softgel capsules and move into therapeutic areas like oncology as well as others.
Chirag Patel, Amneal president and one of the owners of the privately held company, says Amneal is "significantly expanding our number of 'Made in the USA' products" at a time that many drugmakers are scaling back.
Citing IMS Health data, the company says its production of 110 million annual prescriptions places it seventh among U.S. generics manufacturers but its goal is to soon be among the top 5.
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Amneal Pharmaceuticals quadruples manufacturing