India’s Piramal Pharma Solutions Expands Coldstream Labs In Lexington, Kentucky
William Wedlake, President of Formulations & Antibody Drug Conjugates, at Piramal Pharma Solutions, said the investment aligns well with the company’s long term growth strategy.
“In addition to developing new clients, the Kentucky facility also allows our current ADC clients to forward integrate seamlessly and address their fill-finish needs,” Wedlake said. “As oncology becomes key in our collaborators portfolio, our ability to handle high potency APIs, develop and deliver high quality, robust, cost effective drug product solutions becomes a key differentiator. I am optimistic that the Kentucky site, will help us achieve that objective.”
Vivek Sharma, CEO of Piramal Pharma Solutions, said the project will help the Lexington facility grow into a significant player in the contract manufacturing market for injectable pharmaceuticals.
“The Coldstream Labs acquisition helped augment our service offerings to potential partners, while also allowing Piramal to participate in the growing injectable segment. Piramal Pharma Solutions now offers an end to end suite of high quality services to our partners, and is well positioned as one of the global leaders in contract manufacturing. Since our initial investment the Kentucky site has demonstrated both leadership and growth, and we are pleased to announce this subsequent phase of investment to enhance capability and capacity. We appreciate the active support from the State of Kentucky, the local Government, and most importantly, the community, as we continue our growth plans in Lexington” Sharma said.
“Growth in private-sector employment – particularly high-paying, skilled jobs like these – moves Kentucky forward on the national and global level,” Governor Matt Bevin said. “On behalf of all Kentuckians, I congratulate and thank Piramal Pharma Solutions and Coldstream for this investment to further strengthen Kentucky’s pharmaceutical industry. We are excited by this opportunity to become an increasingly important part of Piramal's global footprint and look forward to many years of partnership with them.”
To encourage the investment and job growth in Lexington, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $800,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA gave Coldstream Labs preliminary approval for up to $140,000 in tax incentives through the Kentucky Enterprise Initiative Act. KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing. Coldstream Labs can also receive resources from the Kentucky Skills Network.
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