Athenex To Build $200-Million Mfg Facility
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Athenex, a Buffalo, New York-headquartered biopharmaceutical company, has signed an agreement with M+W, a Stuttgart, Germany-headquartered construction company, to design and construct a new, approximately 320,000-square-foot pharmaceutical manufacturing facility in Dunkirk, New York. Athenex reported the development in a December 2017 filing with the US Securities and Exchange Commission.

The cost of the work is estimated between $205 million and $210 million and will be paid in part by the State of New York pursuant to a previously disclosed grant to the company of up to $200 million with the remaining amount being paid by the company. Under the agreement, the payments for the work will be made over time based upon completion of certain milestones. The New York State Empire State Development Corporation must approve any payment from the grant funds.

The grant for the facility was made in connection with the agreement for medical technology research, development, innovation, and commercialization alliance between Athenex and Fort Schuyler Management Company, a not-for-profit corporation organized by the State of New York, dated May 21, 2015, as amended.

Source: Athenex

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