WRAL Tech Wire

Virginia-based pharmaceutical firm picks N.C. for new plant

Excela PharmSci, a Virginia-based pharmaceutical firm, will build a pharmaceutical plant in the Caldwell County city of Lenoir, creating 55 new jobs.

Galexe Pharma Sciences, a subsidiary of Excela, will invest $8.6 million in the facility over the next three years.

North Carolina helped land the plant with a $250,000 grant from the One North Carolina Fund.

Galexe considered building the plant in India or in Virginia before picking Lenoir.

“North Carolina’s work to build its pharmaceutical industry continues to show success,” N.C. Gov. Mike Easley said in announcing the deal. “This announcement demonstrates our state’s ability to provide the high-skill workforce and favorable business climate pharmaceutical and biopharma companies need to grow and expand in the Research Triangle and across the state.”

Average salaries at Galexe will be $58,455 plus benefits.

“Upon careful consideration of competing locations within the U.S. as well as Hyderabad, India, we chose North Carolina,” said Phanesh Koneru, chief executive officer at Galexe.

“The invaluable support we received from the City of Lenoir, the officials at Caldwell County, the N.C. Department of Commerce, and the N.C. Rural Economic Development Center is another important factor. Availability of local talent pool, close proximity to several equipment vendors and milder year-round weather are additional factors,” he added.

One North Carolina Fund grants require a match from the local community.

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