Contract drug developer AMRI is closing down a U.K. manufacturing operation as part of its across-the-board change in strategy, an effort to get back to growth after a rough string of quarters.
U.S. contract manufacturer AMRI says that it will follow through with plans to close its API manufacturing site in Holywell, U.K., a move that will mean the loss of 62 jobs.
Sixty-four jobs are at risk as a result of AMRI's proposal to close an API plant in Wales. A final decision for the plant will come after a consultation with employees and discussions on ways to reduce "redundancies" at the former Excelsyn facility.
Marred by bad weather and an ongoing transition, contract drug developer AMRI swung to a loss in the fourth quarter, but steady gains in revenue have the company optimistic about the coming year.
In-transition drug developer AMRI has won a 10-year contract with the National Institutes of Health to help develop and manufacture neurological drugs.
AMRI has extended a buying streak to build up its contract manufacturing capabilities, adding to its injectable drug operations in the process. The New York-based company will lay out $60 million to buy two facilities from drug development specialist Aptuit.
AMRI, on the mend after a rough quarter, is laying out $60 million to expand its manufacturing footprint, agreeing to buy a couple of outposts from service provider Aptuit.
After a weather-related shutdown at a New Mexico facility helped tank its quarterly earnings, AMRI has rectified the issue, bringing its plant back online as it works to get back on the path to growth.
Earlier this year, AMRI paid $110 million for injectable drug specialist Oso Biopharmaceuticals Manufacturing, expecting to make some extra money in its contract manufacturing operations. Instead, a power loss at that company's facility in New Mexico was a big factor in it reporting a loss in the last quarter.
Contract drug developer AMRI watched its shares plummet after underperforming in the third quarter, an earnings miss the company blamed on declining demand, spiking costs and bad weather in the desert.