Formulated Solutions signs acquisition agreement for drug production site in Tennessee, US
Upon completion, the company said the acquisition will strengthen its capabilities in topicals, metered dose nasal sprays and pressurised package manufacturing. It will also allow the company to quickly bring additional production capacity online in service of current commercial demand while also paving the way for fulfillment of Formulated Solutions' future innovation pipeline.
The 455,000 ft2 Cleveland facility features extensive capabilities in the production and packaging of pharma and consumer self-care formulations, according to the company. Over the past five years the two-building facility, which sits on 60 acres, has seen significant investments in capital improvements and now includes a multitude of product capabilities, including blending of liquids, semi-solids, and suspensions and packaging capabilities spanning from flexible tubes, liquid-fill bottles and metered dose sprays to traditional aerosol and bag-on-valve aerosol delivery systems that can support a large variety of development and commercial supply programmes.
The site has previously been owned and operated by several world-class pharmaceutical companies. For the first time in the site's 43-year history, it will be operated by a privately held CDMO.
"With an average year over year growth of well over 50% annually, Formulated Solutions is thrilled to add the aerosol, bag-on-valve, and liquid-fill capabilities of this 455,000 square foot site to our manufacturing assets," said John Maddox, chief operating officer at Formulated Solutions.
"Our customers, consumers, physicians and patients rely on us each and every day to supply high quality, cost-effective solutions for consumer self-care and physician advised treatments. This acquisition will help us further fulfill that commitment to all our marketing partners as our business continues to grow and evolve.”
Formulated Solutions added it is committed to both maintaining and growing the production capabilities and output of the facility.
“The Cleveland, TN production site has a long and rich history of being an important part of the local community and for being an instrumental location for the manufacture of some of the world’s best-known consumer self-care products,” said Will Ford, VP of operations at Formulated Solutions. “We look forward to continuing our relationship with the fine people of Bradley County and working to restore the Cleveland site’s manufacturing operations to its full potential.”