Blu Pharmaceuticals Opens Puerto Rico Plant
04/14/2010
"The stars aligned for us in Puerto Rico," said Bill Luster, president of Blu Pharmaceuticals. "We were able to acquire a state-of-the-art manufacturing facility for pennies on the dollar of what it would have cost for us to build an operation from the ground up, plus we were able to tap into a highly talented work force."
The Economic Development Bank for Puerto Rico and Small Business Administration extended $10 million in financing to purchase the facility and equipment. The Puerto Rico Industrial Development Company also offered economic incentives to attract Blu.
"In today's tough financing environment, it made a big difference that the Puerto Rican government was willing to partner with us to help finance the project," Luster said.
Blu Caribe will produce seven different drugs, including ciprofloxacin, an anthrax antidote. It also plans to open a research and development segment. Blu supplies generic drugs to wholesalers, group purchasing organizations, mail order pharmacies, and government agencies including the Veteran's Administration, Bureau of Prisons, Indian Health Services, and the Department of Defense.
Project Announcements
Republic Airways Holdings Plans Tuskegee, Alabama, Training Operations
04/18/2024
South Africa-Based Radel Plans Winston-Salem, North Carolina, Operations
04/18/2024
Firestone Industrial Products Expands Dyersburg, Tennessee, Operations
04/18/2024
Samsung Electronics Expands Taylor, Texas, Chip-Manufacturing Operations
04/18/2024
OMCO Solar Plans Huntsville, Alabama, Production Operations
04/18/2024
Martco-RoyOMartin Upgrades Allen Parish, Louisiana, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024