Veranova’s Macfarlan Smith subsidiary announced that it had completed a $10 million mid-scale API manufacturing expansion in Edinburgh, UK.
This new facility can produce highly active APIs as well as intermediates. It will meet the growing demand of generic opioid analgesics as well as anti-addiction drugs.
The API manufacturing expansion is the first of two investments, with the second expansion already underway. These investments will be worth $17 million when they are completed.
API manufacturing expansion will help meet growing demand
David Payne, director for Veranova’s Scotland manufacturing operations, said in a press release that the API manufacturing expansion would “help us to meet the increasing demands from our customers” and increase the flexibility of its assets base.
Niek Stapel, CEO of Veranova, noted that the facility opening underscores its commitment to providing essential medicines as well as serving as a reliable supplier for controlled substances.
Stapel has served as the CEO since November 2020. He has three decades of experience in the specialty and fine chemicals business.
How Veranova got started
The company was formerly known as Johnson Matthey Health. Altaris Capital Partners, LLC, launched the company last year after the acquisition of Johnson Matthey PLC (LSE:JMAT).
Veranova supports pharmaceutical and biotechnology customers throughout every stage of the drug development process. It operates within two divisions, spanning generics and originators.
When the company made its debut, it employed approximately 900 people and offered arange of API and drug-development services to the pharmaceutical industry, including process design, commercial manufacturing and product development.
The company is headquartered in Wayne, Pennsylvania. It also has cGMP manufacturing operations in New Jersey, Massachusetts and in the UK. There are also manufacturing and R&D centers in Cambridge, UK and Yantai in China.
Veranova specializes in the production of potent APIs. It has expertise across a range of chemistry processes, technologies and drug linkers for antibody-drug conjugates. It has more than 425 patents and collaborates with many pharmaceutical companies and biotechnology companies.