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| Piramal Pharma Solutions' William Wedlake |
Piramal Enterprises, with a big dose of incentives, snapped up Coldstream Laboratories last year from the University of Kentucky to get its expertise in sterile injectable meds. Now it plans on investing another sizable chunk to expand the CDMO.
Piramal will lay out about $10 million to boost Coldstream's capabilities, according to an announcement from the state's economic development authority.
William Wedlake, president of formulations and antibody drug conjugates at Piramal Pharma Solutions, said the expansion would extend the manufacturer's capabilities with high-potency APIs, antibody drug conjugates and fill and finish technology.
In January 2015, Piramal agreed to pay the university $30.65 million for Coldstream and its FDA-approved sterile injectable facility on the Research Park Campus of the University in Lexington, along with about 100 employees. Coldstream Labs, formed in 1991 as a unit of the university's college of pharmacy, was spun off in 2007 into a private company owned by the University of Kentucky Research Foundation. The state offered Piramal about $940,000 in tax incentives to help with the acquisition.
Piramal's deal with the University of Kentucky was preceded by several weeks by a similar move by Japan's Fujifilm, which bought a 49% interest in vaccine specialist Kalon Biotherapeutics, a player in the U.S. pandemic defenses, from the Texas A&M University System.
- here's the release