Apotex Announces $184 Million Investment to Grow U.S. Manufacturing Presence; Expansion Plan Comprises Company's Largest Investment in the United States
Advanced R&D, Manufacturing, and Packaging Facility to Serve as U.S. Headquarters;Initially Expected to Create Minimum of 150 Full-Time Jobs
Broward County, FL , March 8, 2017 (Newswire.com) - Today Apotex Inc., the largest Canadian owned pharmaceutical company, announced the details of a $184 million U.S. expansion plan, including the development of a new R&D center and advanced manufacturing and packaging facility that will serve as the U.S. headquarters for Apotex Corp. and the U.S. offices for Apobiologix. This move marks the largest investment that Apotex has made in the U.S. and will result in at least 150 new full-time positions.
The company chose this strategic location to facilitate more efficient expansion and service of the critical U.S. market, to enhance access to Latin America, and to capture the benefits of Broward County’s business environment. When completed, this facility – located in Miramar, FL – will be one of the largest manufacturing projects in South Florida. The site will also house the packaging operations of Aveva Drug Delivery Systems. Construction on the building is underway and expected to be completed in early 2019.
“Expanding our footprint in the U.S. is a central component of our strategy for global growth and reflects the critical importance of the U.S. and Latin American markets to our success, as well as our confidence in the future of the American manufacturing and biopharmaceutical sector,” said Apotex CEO and President, Dr. Jeremy B. Desai. “With generic and biosimilar medicines playing an increasingly vital role in reducing the cost of drugs, Apotex will continue making strategic investments in R&D and American manufacturing to deliver high-quality, affordable medicine to patients, healthcare providers and stakeholders in the U.S. and around the world. In addition, due to U.S. regulations, we are only permitted to manufacture controlled substances in the U.S. when serving this market, so expansion in Canada was not feasible.”
The significant investment by Apotex reinforces the success that Greater Fort Lauderdale, Broward County, and the State of Florida have achieved in attracting the world’s most innovative life science companies, and cultivating an environment where leaders in that industry can grow and thrive. South Florida is currently home to approximately 1,500 bioscience businesses and institutions that employ more than 26,000 people and generate over $4 billion in sales, according to recent estimates. The concentration of biomedical companies in Greater Fort Lauderdale, supported by a vibrant network of regional universities and research facilities, creates the ideal ecosystem for Apotex to establish a strong foundation for future expansion and growth.
“Over the past several years, Greater Fort Lauderdale/Broward County has worked to develop this region into the destination of choice for the most advanced companies in the biomedical field,” said Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance. “We congratulate Apotex on this bold investment and commit our ongoing support in the company’s continued growth and success.”
Broward County Mayor Barbara Sharief added, “As the home to a thriving community of innovative, purpose-driven companies and dedicated researchers, we are incredibly proud of the role that Broward County plays in supporting the development of life saving treatments for vulnerable patients throughout the world. We welcome Apotex as a new member of the Broward County family and look forward to a long and fruitful relationship.”
Miramar Mayor Wayne Messam said, “With one of the fastest growing economies in the nation, Miramar remains an attractive city for companies to grow and prosper. Our city has been intentional in attracting target market firms like Apotex. Miramar is so excited about the opportunity to partner with Apotex in their expansion. It will create hundreds of high paying jobs for our city and residents and will help to fuel an already thriving economic position for Miramar and the region.”
Apotex is the 7th largest generic pharmaceutical company globally (according to IMS Health) with over 10,000 employees and estimated sales of approximately $2 billion. The company's U.S. headquarters is based in Weston, Florida. With its worldwide manufacturing sites, Apotex can produce up to 24 billion dosages per year. It produces 300 medicines in 4,000 dosages and formats that are exported to 115 countries. Apotex will spend $2 billion over the next 10 years on research and development.
About The Greater Fort Lauderdale Alliance
The Greater Fort Lauderdale Alliance (www.gflalliance.org) is Broward County’s official public/private partnership for economic development. Its mission is to lead Broward County in building a stronger and more diverse economy by stimulating the creation of new jobs and capital investment while facilitating the growth and retention of businesses in Broward County. Services offered by the Alliance include assistance with business relocation or expansion and site selection; incentive programs and information; market research; and serving as a liaison for workforce development between CareerSource Broward, educational institutions and the business community.
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