Bright Green invests $250m to expand facility in New Mexico
13 Mar 2024
Preview
Source: Pharmaceutical Technology
The funding will aid in expanding the existing unit at Grants. Credit: RGtimeline via Shutterstock.
Bright Green has announced plans to expand its controlled substances drug production facility in Grants, New Mexico, US, with an investment of $250m.
The company has entered an agreement with Dalsem Greenhouse Technologies BV for the construction project.
The funding will aid in expanding the existing research, manufacturing and extraction processing unit, adding a further 7,000ft² of space. The agreement outlines a modular construction tailored to Bright Green’s specifications.
The expansion is enabled by Bright Green’s regulatory approvals to produce Schedule I and II controlled substances.
In March 2024 the company sought approval from the US Drug Enforcement Administration and the State of New Mexico Board of Pharmacy.
See Also:
Pfizer’s Prevenar 20 expands EU label for pediatric streptococcal pneumonia
Preview
Source: Pharmaceutical Technology
Preview
Source: Pharmaceutical Technology
Bright Green has also secured $60m senior debt financing under a credit agreement with an undisclosed lender.
With a ten-year term with a fixed interest rate, the credit agreement includes a $5m tranched draw schedule, allowing for up to 12 draw requests over the period.
Bright Green will secure the remaining funds to execute the project from its EB-5 investment visa opportunity, currently being promoted by Asia Capital Pioneers Group.
The company’s ‘Drugs Made in America’ initiative is set to benefit from the expansion, as it aims to produce generic prescription drugs and process active pharmaceutical ingredients.
Final negotiations are underway for essential services from the city, acquisition of land parcels from landowners and state permits for construction and occupancy.
The facility in rural Grants will aid in lowering drug costs for the state of New Mexico.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Indications
Targets
-Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.