The investment will be focused at Coldstream’s facility near Lexington, Kentucky and will create 40 new jobs according to the Indian contractor.
The move is being supported by tax incentives of up to $800,000 from the Kentucky Economic Development Finance Authority (KEDFA).
William Wedlake, president of Piramal’s formulations business, said the investment fits with the growth of the firms antibody drug conjugates (ADC) business.
“In addition to developing new clients, the Kentucky facility also allows our current ADC clients to forward integrate seamlessly and address their fill-finish needs” he said.
The expansion will also add specialist containment and chemical handling capabilities according to Wedlake.
“As oncology becomes key in our collaborators portfolio, our ability to handle high potency APIs, develop and deliver high quality, robust, cost effective drug product solutions becomes a key differentiator.”
Piramal bought Coldstream last January for $30.65m.
Founded in 2007 and by University of Kentucky Research Foundation, Coldstream employs 91 people and focuses on the manufacturing of sterile liquid and lyophilized parenterals and injectables.