Athenex Plans $1.62 Billion, 10-Year Investment in Manufacturing and Drug DiscoveryBy
Athenex (formerly Kinex), a pharmaceutical company focused on oncology, plans to invest $1.62 billion in drug discovery and advanced manufacturing in New York State in Dunkirk and Buffalo over the next 10 years.
The investment, made possible by a partnership with the SUNY Polytechnic Institute, includes an expansion of Athenex's North American headquarters in Buffalo, as well as the creation of a 300,000-square-foot manufacturing facility in Dunkirk. The combined projects are expected to yield a $1.62 billion investment over 10 years from Athenex, along with $225 million funding from New York State, which is investing to support the Buffalo Medical Innovation and Commercialization Hub.
Athenex was founded at the University of Buffalo and expanded in 2003 with a 10-year funding stream committed by more than one hundred local business and medical leaders in upstate New York. Athenex currently has 10 proprietary products under development.
Athenex will invest a minimum of $1.62 billion in Western New York over the next 10 years in labor, materials and supplies and will create 1,400 new direct and indirect jobs (500 jobs in Buffalo and 900 in Dunkirk) in manufacturing, product formulation, regulatory, pharmacovigilance, headquarter staff and suppliers and providers of service to the company. New York State, through the SUNY Polytechnic Institute, will invest a total of $225 million in the Buffalo and Dunkirk locations.
New York State will invest $200 million to create a high-potency oncology manufacturing Facility, which Athenex will use to manufacture sterile high-potency oncology drugs. New York State will also invest $25 million to expand and improve the sixth floor of the Conventus Building on the Buffalo Niagara Medical Campus. Athenex will occupy 51,000 square feet under a long-term lease for its North American Headquarters, a formulation product development cente,r and a pilot plant, which will transfer large-scale production to facilities in Dunkirk. Athenex will invest a minimum of $100 million and is expected to create a total of 500 jobs in Buffalo. The state will lease the 6th floor space and sublet it to Athenex for a 10-year term with an option by Athenex to add on an additional 10 years. Construction in the office space started August 2015; lab work will begin soon and is expected to be completed this fall.
Athenex has offices and manufacturing facilities in: Buffalo and Clarence, New York ; Cranford, New Jersey; Taipei, Taiwan; Hong Kong; and Chongqing, China.