Drug firm Lupin on Wednesday said it will set up a new manufacturing facility in Coral Springs, Florida, entailing an investment of USD 250 million.
With a projected cumulative investment of USD 250 million, including research & development, infrastructure and capital expenditures over a five-year period, the new site will have the capacity to accommodate the production of more than 25 critical respiratory medicines, the Mumbai-based drug maker said in a regulatory filing.
The Florida-based plant would produce products like albuterol inhalers for children with asthma, it added.
By strengthening domestic manufacturing and enhancing supply chain diversification, this critical project will enhance medicine security and strengthen the company's position as a global respiratory leader, it said.
Locally, the infrastructure will generate over 200 new long-term, skilled jobs by 2030 in Broward County.
"The expansion of Lupin's footprint in Coral Springs is a core part of our growth strategy," said Christoph Funke, Chief Technical Operations Officer, Lupin.
The facility will build on the company's existing presence in Florida, which is home to its headquarters and Advanced Inhalation Research Centre, he added.
The Coral Springs facility will anchor US production of critical respiratory therapies, diversify the supply chain, and ensure affordable, reliable access-from routine pediatric care to pandemic-scale demand, the company said. Lupin has acquired more than 5 acres of land to embark on this expansion of 70,000 square feet, it said.
In recognition of its investment and job creation plans, Lupin will receive tax credits and incentives from the state of Florida, it added.
Lupin is partnering with Florida Commerce/Select Florida; City of Coral Springs; Greater Fort Lauderdale Alliance; Broward County Commission, (Workforce/college partner) as part of this strategic project, it said.
Lupin shares on Wednesday ended 0.98 per cent down at Rs 1,905.70 apiece on BSE.
With a projected cumulative investment of USD 250 million, including research & development, infrastructure and capital expenditures over a five-year period, the new site will have the capacity to accommodate the production of more than 25 critical respiratory medicines, the Mumbai-based drug maker said in a regulatory filing.
The Florida-based plant would produce products like albuterol inhalers for children with asthma, it added.
By strengthening domestic manufacturing and enhancing supply chain diversification, this critical project will enhance medicine security and strengthen the company's position as a global respiratory leader, it said.
Locally, the infrastructure will generate over 200 new long-term, skilled jobs by 2030 in Broward County.
"The expansion of Lupin's footprint in Coral Springs is a core part of our growth strategy," said Christoph Funke, Chief Technical Operations Officer, Lupin.
The facility will build on the company's existing presence in Florida, which is home to its headquarters and Advanced Inhalation Research Centre, he added.
The Coral Springs facility will anchor US production of critical respiratory therapies, diversify the supply chain, and ensure affordable, reliable access-from routine pediatric care to pandemic-scale demand, the company said. Lupin has acquired more than 5 acres of land to embark on this expansion of 70,000 square feet, it said.
In recognition of its investment and job creation plans, Lupin will receive tax credits and incentives from the state of Florida, it added.
Lupin is partnering with Florida Commerce/Select Florida; City of Coral Springs; Greater Fort Lauderdale Alliance; Broward County Commission, (Workforce/college partner) as part of this strategic project, it said.
Lupin shares on Wednesday ended 0.98 per cent down at Rs 1,905.70 apiece on BSE.
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