Home » Business News • Employment News » Pharmaceutical company Pisgah Laboratories to invest $55 million and bring 55 jobs to North Carolina
Pharmaceutical company Pisgah Laboratories to invest $55 million and bring 55 jobs to North Carolina
https://www.whatjobs.com/news/business-news/pharmaceutical-company-pisgah-laboratories-to-invest-55-million-and-bring-55-jobs-to-north-carolina
By Nagasunder in Business News, posted July 27, 2022
Pharmaceutical manufacturer Pisgah Laboratories has announced a $55 million multi-phase expansion in Transylvania County, which will create at least 55 new local jobs by 2026.
The business was purchased by Ipca Laboratories Limited in 2018 and the expansion will add a new pilot manufacturing facility in early 2023.
Once that pilot facility is finished, the company will add an 80,000-square-foot commercial pharmaceutical manufacturing facility focused on producing liquid oral medications and sterile injectables with a quality control laboratory, warehouses, and microbiological laboratories at the Transylvania County location.
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The plans were revealed on Monday, July 25, and Ipca USA President Murali Sarma said: “We are very excited about the future of Pisgah Labs and have plans for the facility to accelerate our ability to innovate and introduce new products rapidly to U.S. customers.
"North Carolina and Transylvania County have been exceptional business partners and we look forward to a long relationship.”
Pisgah Labs Site Manager Dani Bailey said “For Pisgah Labs, we’ll be tripping our workforce over the next four to five years and this gives us the capabilities to add a sterile injectable final dose to our current business structure.”
The expansion plans include new full-time positions for analysts, technicians, supervisors and managers with an average annual salary of $60,088.
Transylvania County’s average annual wage is $39,028 and these new jobs have the potential to create an annual payroll impact of more than $3.4 million for the region.
The Transylvania County Board of Commissioners has also unanimously approved $1,870,919 in economic incentive grants over the next 9 years to show their support for the expansion.
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The One NC Fund, which provides financial assistance for local governments to help attract economic investments and create jobs, is also offering a $50,00 performance-based grant for the expansion project with the support of N.C. Biotechnology Center and the North Carolina General Assembly.
Pisgah Labs was founded locally in 1981 and currently operates a 20,000-square-foot facility with 28 full-time employees off Old Hendersonville Highway in Pisgah Forest.
The company received its first FDA approval to manufacture active pharmaceutical ingredients in 2002 before exclusively developing pharmaceutical products in 2005.
What is Pisgah Labs?
Pisgah Labs operates as a contract manufacturing company. It offers custom and fine chemical, active pharmaceutical ingredients, and drug substance manufacturing for various corporations, businesses, entrepreneurs, and government agencies.
Where it is headquartered? The company is headquartered in Pisgah Forest, North Carolina.
How many staff does it have? Pisgah Labs has 49 employees.
What is its annual revenue? The annual revenue is $9.7 Million.
Source: Transylvania Times
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