AMRI buys into proteomics to expand its discovery services

Contract drug developer AMRI ($AMRI) is expanding its platform to include protein R&D, investing in a market the company expects to boom over the coming years.

Through a partnership with the State of New York and Albany's College of Nanoscale Science and Engineering (CNSE), AMRI is adding protein expression and purification to its roster of services for drugmakers. The company plans to provide synthetic proteins for use in discovery-stage research, including preclinical proof-of-concept studies, creating reagents and biological tools for its clients.

And AMRI, in the midst of reforming its business, believes buying into proteomics will more than pay off. The market is set to grow at about 4.1% a year and hit $9.2 billion by 2018, according to BCC Research.

"As a company with a deep history of discovery innovation, we continue to explore scientific solutions that provide our customers with enhanced flexibility and access to state-of-the-art science and technologies," AMRI Senior Vice President Michael Luther said in a statement. "We are very excited to be able to offer these expanded biology services as we continue to work with our customers, partners, CNSE and the State of New York, to provide relevant drug discovery services, cutting-edge platforms and expertise to academia and the global biopharmaceutical industry from early discovery to candidate selection and beyond."

Meanwhile, AMRI has been strategically spending and cutting over the past year to groom itself for growth. The contractor shuttered an early-stage facility in Syracuse but shelled out a combined $151 million for two manufacturing outfits, all part of a plan to wean itself off royalty revenue and focus on its strengths.

- read the statement