Sunday, August 7, 2022

Korean pharmaceutical group SK Pharmteco anticipates growth and increases spending on expansion of Dublin site

SK Pharmteco, a global contract manufacturing and development company of South Korean conglomerate SK Group, will invest an additional $30 million (€30.1 million) in the second phase of an expansion in Dublin.

The group will make the new investment in its Irish pharmaceutical manufacturing plant, which belongs to the subsidiary SK Biotek.

Last month, SK Pharmteco announced a $35 million investment in the first phase of the expansion, which will see the construction of a new manufacturing building at its Swords campus, due for completion in 2024.

SK Pharmteco acquired the Swords Campus facility from Bristol Myers Squibb for an undisclosed price in 2017.

Read Also:  China Evergrande wealth management product pays 10 percent to investors

Talking with him independent sundayJoyce Fitzharris, president of SK Biotek Ireland, confirmed the media reports in a South Korean online post. the investor, that the company would invest an additional 30 million dollars for phase two of the expansion. She said that SK Biotek is making more investment as it sees the growth potential of its customers.

“We manufacture for multiple clients, so we need to have capacity available,” he said. “And you have to have it built in advance.

“We are seeing enough growth ahead to invest in that second phase.”

He added that the second phase would be online roughly around 2027.

Read Also:  Real World Economy: A 'Stronger' Dollar: Good or Bad?

In addition to the investment in the new plant, Fitzharris said the company would invest an additional 10 million euros in new technology. These include antibody-drug conjugates (targeted cancer therapies) and micronization and spray-drying (technical processes that are part of drug manufacturing).

Fitzharris said the company was not “in the finer details” about how many jobs would be added in the two phases of its expansion, but said it would create jobs.

He said the investment was a boost to the Irish pharmaceutical sector.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -