Pharmalucence Builds New Drug Production Facility in Massachusetts
"Pharmalucence has long maintained a strong radiopharmaceutical business in Massachusetts," said Glenn Alto, president and CEO of Pharmalucence. "We are investing to fully replace and modernize our infrastructure to ensure we maintain our local presence going forward."
The investment was aided by a $20 million bond issued by MassDevelopment, the first use of the Recovery Zone Facility Bond program in the state. The bond is one component of the American Recovery and Reinvestment Act to stimulate the economy with low-cost financing.
Pharmalucence produces eight drugs to treat cancers and heart disease. Construction on the new facility will begin this summer, and the plant is expected to be operational by the end of 2012.
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