NantWorks to invest $85.5m in former Pfizer plant
pharmafile | January 16, 2012 | News story | Manufacturing and Production | Exubera, Nantworks, Pfizer
A former Pfizer manufacturing facility in Indiana, US, looks set for a new lease of life after technology company NantWorks announced plans to re-develop the site.
California-based NantWorks says it will invest $85.5 million in the 210-acre Terre Haute site over the next five years, creating more than 230 jobs. Once the operation in 2015 starts the new facility will manufacture critical-care injectable and cancer drugs.
The Terre Haute facility was formerly a centre for manufacturing insulin products, but was shut down by Pfizer more than two years ago after its efforts to build a market for inhaled insulin product Exubera hit the buffers. Exubera was taken off the market in 2007, after which Pfizer gradually wound down operations at the plant.
NantWorks is reportedly buying the property from the local authorities for just $1, although the sale still has to be formally approved by the county redevelopment commission. The Indiana Economic Development Corporation (IEDC) has offered NantWorks up to $2 million in conditional and tax credits, as well as $100,000 in training grants based on the firm’s job creation plans.
The company was formed last year by Patrick Soon-Shiong to “bring the digital revolution to the service of healthcare, education, science and the justice system”, including the use of technology to aid in the development of personalised medicine.
Soon-Shiong previously set up two pharmaceutical businesses, namely APP and Abraxis Bioscience, which he sold off in 2008 and 2010.
NantWorks combines a number of high-tech business units, comprising a health unit focusing on pharmaceuticals operating alongside divisions concentrating on semiconductors, supercomputing, advanced communications and augmented reality, amongst other technologies.
“As a country, we need to develop and enhance our capabilities to manufacture injectable and next-generation drugs,” said Soon-Shiong.
“I am excited to be getting back into the injectable biopharmaceutical industry.”
Phil Taylor
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