Financial terms were not disclosed. Cardinal representatives didn't return calls from GlobeSt.com by press time.
Cardinal plans to renovate the four-year-old plant for the production of sterile, injectable drugs and biologics in freeze-dried and liquid form.
"This acquisition will effectively double our manufacturing capacity in a high-growth area of pharmaceutical development," Frank Leo, president of the Sterile Technologies unit of Cardinal Health's Pharmaceutical Technologies and Services Group, says in a prepared statement.
The location was chosen, in part, to complement existing operations. "Our New Mexico operations will serve the needs of the many drug developers on the West Coast, allowing us to focus the production in Raleigh on serving drug companies in the Northeast," Leo says.
The facility is expandable and can meet what Cardinal expects to be a growing demand for contract manufacturing. The company expects to employ up to 35 people within 12 months and an estimated 70 within two years.
Customers will include emerging biotech firms needing product-development assistance and clinical-supplies production and large pharmaceutical companies looking to outsource product manufacturing, an emerging industry trend.
Cardinal Health employs 49,000 on five continents and produces average annual revenues of $40 billion, according to the company's statement.
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