Osmotica Pharmaceutical to Build Plant in Georgia
Osmotica Pharmaceutical to Build Plant in Georgia [Star-News, Wilmington, N.C.]
From Star-News (Wilmington, NC) (August 16, 2011)
Aug. 16--Osmotica Pharmaceutical considered Wilmington and other North Carolina cities for its first U.S. manufacturing operation, but they didn't meet the locally based company's criteria, Chief Financial Officer Tim Albury said Tuesday.
The company, which specializes in neurology-based drug therapies and drug-delivery technologies, said last week that it plans to spend $20 million on the plant and create 156 jobs over the next five years in Marietta, Ga.
Osmotica's headquarters, which employs 20 to 25 people, will remain in Wilmington, said Albury, who lives here.
"We're committed to Wilmington market," Albury said. "There are no plans at all to move."
Osmotica also has research facilities in Argentina -- where it employs 80 -- and other operations in Hungary.
The principal requirement for a new plant was an existing facility "at the right price" that would meet federal requirements for drug production for humans, Albury said.
The Marietta plant fit the bill, having been built in the mid-1990s by Solvay Pharmaceuticals, which was bought by Abbott Labs
Solvay's operations were moved to Chicago this year.
"This facility was run as a CGMP (current good manufacturing practices)," Albury said. "You cannot manufacture any human agent unless they are in a CGMP environment.
"This facility had the labs and the processing and manufacturing areas."
He said that the company had not had any conversations with Wilmington-area groups because no facilities "came up here" in its search for a suitable facility.
Osmotica received incentives from Georgia for the plant, but Albury said that the $2 million figure reported last week in the Marietta Daily Journal was inaccurate. He would not say whether it was high or low.
"The price and the help from the state make this a very compelling opportunity for us," Albury said.
Wayne Faulkner: 343-2329
On Twitter: @bizniznews
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Posted: August 2011
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