Lupin Announces Opening of its new 100,000 square foot expansion at its Somerset, NJ Manufacturing Site
Over 80 jobs already created to support the site, with at least 50 more expected
SOMERSET, N.J., May 9, 2017 /PRNewswire/ -- Today, the leadership of Lupin Limited gathered along with state and local leaders, including Rep. Bonnie Watson Coleman (DNJ – 12th District), to celebrate the grand opening of the company's 100,000 square foot expansion of its manufacturing facilities in Somerset. The new facility will focus on making affordable medicines for treatment in various therapeutic areas.
Commenting on this milestone for the company, Vinita Gupta, Chief Executive Officer of Lupin Limited, said, "We are very pleased to officially open our new facility at Somerset. This expansion enables us to serve the growing need for affordable medicines for U.S. patients, providers, government and other stakeholders. In the last three years, we have made strategic investments in the U.S. in R&D and manufacturing to establish a deeper footprint in the country, and access technology capabilities for niche technology platforms."
"There's no better place in the world to make significant investments in the biopharmaceutical industry, and in just over a year, Lupin has doubled down on its economic investment in the Somerset community and the global pharmaceutical landscape," said Rep. Watson Coleman. "By expanding their facilities, this organization is not only putting more residents of New Jersey's twelfth congressional district to work, but also, focusing on making affordable medicine for patients worldwide."
Since 2016, Lupin has invested over $1 billion in R&D and Manufacturing in the United States. Lupin employs 635 highly skilled and specialized employees in the U.S., with that number expected to grow as Lupin expands. In March 2016, Lupin acquired the Somerset facility for $880 million. Since acquisition, over 80 jobs have been created to support the site bringing the total number of employees in Somerset up to 380. 50 more jobs are expected to be added over the next 12 to 18 months. In addition, Lupin has invested around $35 million in R&D and infrastructure.
"The opening of this facility in Somerset enhances our scale in the U.S. generic market, and is a complement to Lupin's Coral Springs, Florida, inhalation R&D center," stated Lupin President Kurt Nielsen. "We have set ambitious targets for ourselves in the U.S. market. This 10-fold expansion of our manufacturing site will enable us to meet and exceed our targets. We are confident that we will continue to grow, and look forward to creating additional opportunities which benefit our community."
About Lupin
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds a global leadership position in the Anti-TB segment.
Lupin is the 5th and the 6th largest generics pharmaceutical company by market capitalization (December 31st, 2016, Bloomberg) and sales globally (September 30th, 2016, Bloomberg). The Company is the 4th largest generics pharmaceutical player in the U.S. by prescriptions (5.2% market share – IMS MAT March 2017). It employs more than 635 highly skilled and specialized people at its various facilities across the U.S., including the commercial headquarters in Baltimore, Maryland, and its R&D centers in Somerset, New Jersey and Coral Springs, Florida. The CEO's office is located in Naples, Florida. For the financial year ended 31st March 2016, Lupin's Consolidated sales and Net profit stood at $2.09 billion USD and $345 million USD respectively.
Please visit http://www.lupin.com for more information.
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SOURCE Lupin
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