Greenville’s economy will get a bigger boost from Mayne Pharma’s expansion plans there thanks to the $652 million acquisition of drug rights to products from Teva and Allergan. Another $15 million will be added to the original $65 million expansion plan announced last year, the company tells WRAL TechWire.
However, the number of new jobs isn’t necessarily going to rise.
“The total planned investment has increased by $15M since last year’s announcement with the state of North Carolina,’ Mayne Pharma representative Karen Stinneford told WTW on Wednesday afternoon.
The closer of the big Teva-Allergan rights deal was announced earlier in the day.
Mayne, which operates drug manufacturing plants in Greenville and Australia, bought the drugs as part of the governmental approval process for a $40 billion acquisition by Teva of Allergan’s generic business.
“Mayne Pharma’s acquisition from Teva/Allergan was a main driver of the increase (in the investment),” Stinneford acknowledged in response to an inquiry about the impact of the deal.
“The company is purchasing additional pieces of equipment needed to accommodate the expanded new drug products.”
Mayne began construction of the additional facilities at the Greenville plant last September.
Some 50 new employees have already been hired, Stinneford said. Asked about the possibility of more hires, she responded: “The company remains committed to hiring 110 additional employees to support the expansion.”
A variety of positions are available.
“The jobs run the gamut — from pharmaceutical chemists to manufacturing support personnel,” Stinneford added.
Mayne plans to build a solid oral-dose commercial manufacturing facility that it says “will more than quadruple existing U.S. manufacturing capacity.”
The Greenville expansion will include “multi-particulate layering, bead-coating fluid bed technology and significantly increased capacity to manufacture highly potent products.”
Mayne gained rights to 37 already approved drugs and another five generics in the approval process.
“The acquired portfolio aligns with Mayne Pharma’s focus in complex drug delivery formulations and technologies — and includes transdermal patches, gel capsules, semi-solids and modified-release products,” Mayne said.
“We are extremely pleased to complete this transaction that establishes Mayne Pharma as a key player in the U.S. generic market,” said Stefan Cross, president of Mayne Pharma USA, in the deal closure announcement.
“This portfolio is highly profitable and will significantly extend our size, scale and reach in the United States. Recent investments in people, systems and facilities will readily support the rapidly growing organization and ensure we continue to deliver exceptional service and high-quality products to our customers. Since Mayne Pharma entered the U.S. market in 2012, our company has established its organization so it could act quickly when attractive growth opportunities like this presented themselves.”
Mayne’s U.S. product portfolio numbers 60 with another 19 pending and more than 20 in development.
