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Piramal Pharma Limited is investing $32 million (an estimated ₹233 crore) for expanding its Michigan facility for the development and manufacture of active pharmaceutical ingredients.
The investment through Piramal Pharma Solutions, its contract development and manufacturing organisation, is to keep pace with expected demand based on current forecasts including potential new opportunities, a note from the company said. Peter DeYoung, CEO, Piramal Pharma Solutions, said the expansion enables the business to support customers’ immediate and long-term API needs, besides strengthening presence in North America.
The expansion expects to be ready for customers in summer 2022, a note from the company said. About 20 new hires are also expected to be added to the site, bringing the total headcount to more than 180 employees and further benefitting the local economy, it said. This would be the seventh major acquisition or expansion by PPS in North America in the past six years, demonstrating a sustained substantial commitment to patients, customers, employment, and growth, it added.
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