Adare Pharma to Expand Its Manufacturing and Formulation R&D, Expects to Create 29 Jobs
August 1, 2017
By Mark Terry, BioSpace.com Breaking News Staff
Private company Adare Pharmaceuticals, headquartered in Lawrenceville, N.J., announced it is expanding its manufacturing facility in Vandalia, Ohio.
Adare, formerly Aptalis/Actavis, is a specialty pharmaceutical company with sales worldwide. It has a diverse portfolio of over 40 prescription and over-the-counter products (OTC) that it has commercialized in partnership with other pharmaceutical companies. The company specializes in bioavailability enhancement of poorly soluble drugs, modified release, taste masking and orally disintegrating tablet technologies.
On July 7, John Fraher, chief executive officer of Adare, was named Ernst & Young’s Entrepreneur of the Year in the life sciences category in New Jersey. Fraher was involved in founding Adare and became the CEO in April 2015. Since then, it has grown to more than 600 people across four locations.
Aptalis Pharmaceutical Technologies was acquired by TPG in 2015. Fraher was president of Aptalis, and was named chief executive officer of Adare Pharmaceuticals after the acquisition. TPG is a global alternative asset firm founded in 1992 with more than $73 billion in assets under management. It has offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. Its investments platforms include numerous asset classes, including private equity, growth venture, real estate, credit, and public equity.
As part of its expansion in Ohio, the company received a tax incentive from the State of Ohio to stimulate growth of its Vandalia hub.
The Adare project was one of 11 projects in Ohio that are expected to create 894 new jobs and retain 1,048 around the state. The Ohio Tax Credit Authority (TCA) reviewed economic development projects brought to its board by JobsOhio and its regional partners. The projects as a whole are projected to generate more than $62 million in new payroll and stimulate more than $1.4 billion in investments in the state.
Adare’s facility in Vandalia, in Montgomery County, is expected to create 29 full-time jobs and generate $1.6 million in new annual payroll. In addition, it will retain $15.3 million in existing payroll as part of its expansion project. The Ohio Tax Credit Authority approved a Creation Tax Credit for six-years of 1.283 percent.
Adare currently has eight compounds in its developmental pipeline. Two of them are in Phase III development, APT-5025 for cardiovascular and APT-5031 for central nervous system disorders. Its APT-1011 is in Phase II for gastrointestinal disorders. The remaining five are in preclinical development for CNS and GI disorders.
Since 2009, the company has partnered in over 60 product launches in 44 countries. In addition to headquarters in Lawrenceville, N.J., and manufacturing and formulation research-and-development in Vandalia, Ohio, it has manufacturing facilities in Mont-Saint-Hilaire, Quebec, Canada, Bornago and Milanese, Italy, and Houdan, France.