QuVa Pharma, a provider of sterile compounding pharmacy services, said today it expects to hire more than 100 people to staff a New Jersey biotech facility that the company agreed to buy for an undisclosed sum.
QuVa Pharma said the 160,000-square-foot facility was located near Route 78 in western New Jersey, close to I-95 and Newark Liberty International Airport.
The company said the FDA-approved site would be a 503B-registered manufacturing site that will allow the company to expand its production capability and capacity to deliver ready-to-use compounded sterile drug preparations to hospitals in key Eastern U.S. markets.
More specifically, QuVa Pharma said the facility will open “significant” expansion opportunities through its access to Pennsylvania and Ohio to the west, New York to the east, New England to the north, in addition to the Washington, DC, region and key Southeastern markets.
“By deliberately establishing our presence at the confluence of robust interstate commerce, we are ensuring that major hospitals and health systems have access to a high-quality alternative for compounded drugs,” Stuart Hinchen, QuVa Pharma's co-founder and CEO, said in a statement. “When we complete modifications, this facility will be the country's premier outsourced sterile compounding site.”
QuVa Pharma said it expects the facility, which consists of two interconnected buildings, to begin operations in mid-2017. The site will include complete in-house product and environmental testing capabilities, both of which support an industry quality initiative being led by the company.
The company now operates two Texas-based 503B registered manufacturing facilities.
“With the added capability of in-house laboratories, we can ensure timely delivery of product at competitive prices. We believe this will be a significant advantage relative to our competitors,” added Peter Jenkins, QuVa Pharma co-founder and chief development officer.
QuVa Pharma received a majority equity commitment from Bain Capital Private Equity in August 2015 to support its creation and expansion plans.