With a private equity group stepping in to buy up a majority interest in the company, Gallus Biopharmaceuticals is planning on expanding its newly acquired manufacturing facility near St. Louis--which makes both clinical and commercial-grade biologics--and adding 160 new workers. Gallus plans to spend about $20 million on the production hub and claims that its average salary will come in at a hefty $88,500.
Gallus's plans include building a clinical services suite and expanding the existing development lab. Ridgemont Equity Partners--a Bank of America spin-off--has snapped up a majority interest in Gallus, injecting new funds and backing the biologics plant development. The facility produces Remicade and Stelara. Ridgemont didn't detail exactly how much it is investing in Gallus.
"We see a tremendous market opportunity in the biologics contract manufacturing space and believe the facility we've acquired is well-positioned to meet the current and future market needs of our customers," said Jack Purcell, a principal at Ridgemont. The state of Missouri provided a $14.6 million incentive package to help facilitate the expansion.
- here's the release from Ridgemont
- read the story from the Wall Street Journal
- and see the Outsourcing-Pharma story