Piramal To Invest $10 Million in Coldstream LaboratoriesBy
Piramal Pharma Solutions will invest $10 million at the company’s Coldstream Laboratories Inc., which develops and manufactures injectable pharmaceuticals, at its site in Lexington, Kentucky. The expansion will create 40 new jobs and expand capabilities. The announcement was made by the Office of the Governor of Kentucky.
India's Piramal Pharma Solutions, which purchased Coldstream Labs a year ago, plans to invest in, and expand Coldstream’s manufacturing facility in Lexington.
Vivek Sharma, CEO of Piramal Pharma Solutions, said the project will help the Lexington facility grow into a significant player in the contract manufacturing market for injectable pharmaceuticals.
Coldstream Labs started in 1991 as the Center for Pharmaceutical Science & Technology, a unit of the University of Kentucky College of Pharmacy. It completed more than 200 development projects that led to clinical trials. In 2007, the college spun off Coldstream Labs as a private company owned by the University of Kentucky Research Foundation. As a separate independent business, Coldstream Labs gained the ability and technical expertise to manufacture liquid and freeze-dried injectable products. In January 2015, the Research Foundation sold Coldstream Labs to Piramal Pharma Solutions.