HIGH POINT — Life sciences company Cambrex Corp plans to expand its High Point operation through a building acquisition as well as a tripling of its workforce at the location.
The announcement on Tuesday came days after its $425 million acquisition of dosage development company Halo Pharma on Sept. 12.
The New Jersey-based company will acquire its 35,000-square-foot facility in High Point that it had previously occupied through a lease as well as an adjacent 45,000-square-foot facility. The company did not disclose the price tag on the two purchases.
Cambrex
Chief Executive Officer Steven Klosk, spoke about the added value that this site will provide to the company.
“The purchase of the High Point site gives us greater control over the future of our North American business to allow us to invest in making this a central hub and leader in clinical supply, process and technology development in the U.S.,” said Klosk.
Cambrex moved into the South and added a third U.S. office to its portfolio when it purchased High Point-based PharmaCore in October 2016 for $25 million.
Its two other offices in the U.S. are located in East Rutherford, New Jersey, and Charles City, Iowa.
Since its purchase of the High Point site in 2016, it has invested over $5 million at the site. It expects to continue its investment at the site and eventually reach a workforce of approximately 150 staff.
The investment in capital infrastructure is a commonality in Cambrex’s recent history. It purchased a 4,500-square-foot manufacturing facility in Charles City for $24 million in November 2017. Over the past three fiscal years, the company has spent a combined $164 million in capital expenditures.
The announcement can be found here.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
