Pharmascience Expands its Contract Development and Manufacturing Organization (CDMO) Services With a New Commercial Business Unit
MONTREAL, Feb. 26, 2024 /CNW/ - Last Fall, Pharmascience, the largest Canadian-owned pharmaceutical company, announced a major $120 million sterile injectable manufacturing facility expansion at its Candiac site. Following this important milestone, the company is now proud to announce the expansion of its contract development and manufacturing organization (CDMO) services with the creation of a new business unit dedicated to injectable products.
This new business unit will help accelerate production and achieve Pharmascience's growth objectives by enabling the company to offer its R&D, formulation and manufacturing services to external pharmaceutical partners. It will focus more specifically on injectable products, with a mandate to offer CDMO services to biotech companies and those with complex injectable product development or manufacturing needs.
Pharmascience's ambition is to become a world leader in the sterile injectable CDMO segment and serve pharmaceutical companies with world class services to meet the needs of customers and patients worldwide.
"With a vision to continue our expansion while supporting local development and manufacturing, we see a tremendous opportunity to expand our services to meet the needs of a growing pharmaceutical client base, whose complex injectable product supply requirements can be met by the extraordinary expertise of the Pharmascience team. Creating our new CDMO business unit represents an excellent way to maximize the value of our research and development efforts and the value of every unit we produce at our Candiac plant," says Martin Arès, CEO of Pharmascience.
Alongside the creation of this new CDMO business unit, Pharmascience is pleased to welcome John Foy as General Manager, CDMO since February.
Mr. Foy is a seasoned leader with an MBA from the University of North Carolina and a mechanical engineering degree from Lehigh University in Pennsylvania and has spent the last 24 years working at CDMOs, specializing in complex biologics and pharmaceuticals. He also has in-depth knowledge of the U.S. market knowledge, strategic thinking and market development expertise. His extensive experience and proven leadership will undoubtedly be major assets in helping Pharmascience position its CDMO business unit as a world leader in the sterile injectable products segment.
Pharmascience is pleased with its team's progress on the Candiac expansion project since the announcement last October. By 2026, the company will invest over $120 million to expand its facilities and more than triple its capacity with new state-of-the-art equipment. This will enable the company to support more patients, with annual production rising to more than 20 million units. This expansion is already well underway and will also enable Pharmascience to compete with international players and broaden its client base with a new range of products and services.
Founded in 1983, Pharmascience Inc. is the largest pharmaceutical employer in Quebec with 1,500 employees proudly headquartered in Montreal. Pharmascience Inc. is a full-service privately owned pharmaceutical company with strong roots in Canada and a growing global reach with product distribution in over 50 countries. Ranked 52nd among Canada's top 100 Research and Development (R&D) investors in 2023, with $40-50 million invested each year, Pharmascience Inc. is among the largest drug manufacturers in Canada.
Pharmascience Inc. has strong values based on the importance of investing in its employees and young people. Through various programs and initiatives, the company ensures it supports their personal development and life. The company's commitment was recognized in 2024 when it was certified as a Great Place to Work for the third year in a row.
SOURCE Pharmascience Inc.
About the company or its new business unit, please email mediainquiries@pharmascience.com.
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