FRANKFORT, Ky. — Piramal Pharma Solutions Inc. today announced plans to expand its current Lexington operations with a nearly $80 million investment creating 45 new full-time jobs in the area.
With approvals by the U.S. Food and Drug Administration and the Japan-based Pharmaceuticals and Medical Devices Agency, Piramal Pharma Solutions, part of Piramal Pharma Ltd., is a leading global contract development and manufacturing organization. Piramal Pharma Solutions is a fully integrated company offering analytical, formulation development and manufacturing services with an emphasis on clinical trial to commercial-scale manufacturing of sterile liquid and freeze-dried injectables.
Piramal Pharma acquired Coldstream Laboratories from the University of Kentucky in January 2015. Piramal plans to expand the current plant by roughly 24,000 s.f., creating room for a new filling line, two commercial-size freeze dryers, a specialized capping machine and an external vial washer. Currently, the Lexington site can manufacture 104 product batches per year (at peak levels). Upon completion of the expansion in Q1 of 2027, this capacity will increase to over 240 annual batches.
The Kentucky Economic Development Finance Authority board last week approved $1.2 million in incentives over a 10-year period, contingent on Piramal maintaining 45 new jobs at its Lexington manufacturing operations.
Based in Mumbai, The Piramal Group is an Indian multinational conglomerate that has presence across various sectors such as healthcare, life sciences, drug discovery, financial services, alternative investment and real estate.
“The injectables market has steadily increased in recent years, and there is currently insufficient supply. We are committed to adapting to meet this rising demand,” said Peter DeYoung, CEO of Global Pharma. “This expansion will significantly enhance the capacity and capabilities of our Lexington facility, positioning Piramal as a comprehensive partner across the entire product life cycle and enabling us to provide treatment solutions to more patients.”
Gov. Andy Beshear characterized the project as continued growth of Kentucky’s manufacturing sector.
“Kentucky’s business-friendly climate, prime location and access to resources make it an ideal destination for companies to locate, expand and thrive,” Gov. Beshear said. “The decision by Piramal Pharma Solutions’ leadership to expand and reinvest here is a testament to their trust and belief in what this great state has to offer. I want to thank the company’s leaders and wish Piramal continued success in Lexington.”
Lexington Mayor Linda Gorton congratulated Piramal Pharma on the expansion: “Congratulations to Piramal Pharma! Your success illustrates that Lexington is a great place to start and grow a business. Lexington sells itself to many companies that are attracted to our high quality of life, low cost of living and highly educated workforce.”
Commerce Lexington Inc. President and CEO Bob Quick mentioned the regional economic growth: “Piramal Pharma Solutions’ decision to expand its Lexington operations is a significant step forward for our region’s economic growth. This investment not only demonstrates Piramal’s confidence in our community and workforce but also underscores Lexington’s position as a prime location for innovative companies to grow and thrive. We look forward to the positive impact this expansion will have on our local economy and the new opportunities it will create for our residents.”
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