Spain's GP Pharm invests in new plant
Spanish drugs startup GP Pharm has invested 13.0 million euros ($15.8 million) to build a new drugs factory in Sant Quinti de Mediona, Spain.
The company, part of the Barcelona-based drugs and cosmetics group Lipotec, will also spend 14.0 million euros by 2007 to carry out clinical trials for the plant's output which includes injectable hormones and encapsulated active pharmaceutical ingredients that treat cancer and urological diseases.
GP Pharm will also make drugs for third parties and the company is currently negotiating a supply contract with a big undisclosed international peer, a company official told the Marketletter's local correspondent. He added that the 6,000-square meter factory, already in operation, will have a capacity of 10 million finished product units by 2007, at which point it will employ 200 people.
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