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Released December 01, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Pharmaceutical major Pfizer (NYSE:PFE) (New York, New York) has axed a planned 400 million euro ($426 million) expansion at its Irish manufacturing operations in Dublin.
The company said that the proposed expansion at the company's pharmaceutical plant in the Grange Castle Business Park will no longer go ahead following the recent failure of a high-profile drug designed to lower cholesterol. Industrial Info is tracking five individual projects related to the planned expansion, which would have led to the creation of up to 300 permanent jobs. The projects would have seen the addition of a new five-storey production plant, warehouse and laboratory extension.
Last month, the company surprised the market when it pulled the plug on development of bococizumab, an experimental cholesterol-lowering drug that was predicted to become a major global product for the company. It said that over six trials unexpected side effects were revealed and the drug proved to be less effective over longer periods of time. The cancellation impacted negatively on the company's recent third quarter financial results. Grange Castle would have been the main production plant for bococizumab, which Pfizer had predicted would generate sales of around $1 billion a year.
"Following the decision to discontinue the development of bococizumab, part of the potential expansion for which the planning permission was sought will not now go ahead," said a Pfizer Ireland spokeswoman. "Expansion in relation to other incoming products will continue as planned, involving investment, recruitment and new technology."
She did not rule out some smaller scale investment at the plant in the coming year.
In August, Industrial Info reported that Pfizer had snapped up biotech firm Medivation (NASDAQ:MDVN) (San Francisco) for $14 billion. The deal will add the company's hit prostate cancer drug, Xtandi, which generates annual sales above $2 billion. For additional information, see August 25, 2016, article--Pfizer Bets Big on Cancer Med with $14 Billion Buy of Medivation.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company said that the proposed expansion at the company's pharmaceutical plant in the Grange Castle Business Park will no longer go ahead following the recent failure of a high-profile drug designed to lower cholesterol. Industrial Info is tracking five individual projects related to the planned expansion, which would have led to the creation of up to 300 permanent jobs. The projects would have seen the addition of a new five-storey production plant, warehouse and laboratory extension.
Last month, the company surprised the market when it pulled the plug on development of bococizumab, an experimental cholesterol-lowering drug that was predicted to become a major global product for the company. It said that over six trials unexpected side effects were revealed and the drug proved to be less effective over longer periods of time. The cancellation impacted negatively on the company's recent third quarter financial results. Grange Castle would have been the main production plant for bococizumab, which Pfizer had predicted would generate sales of around $1 billion a year.
"Following the decision to discontinue the development of bococizumab, part of the potential expansion for which the planning permission was sought will not now go ahead," said a Pfizer Ireland spokeswoman. "Expansion in relation to other incoming products will continue as planned, involving investment, recruitment and new technology."
She did not rule out some smaller scale investment at the plant in the coming year.
In August, Industrial Info reported that Pfizer had snapped up biotech firm Medivation (NASDAQ:MDVN) (San Francisco) for $14 billion. The deal will add the company's hit prostate cancer drug, Xtandi, which generates annual sales above $2 billion. For additional information, see August 25, 2016, article--Pfizer Bets Big on Cancer Med with $14 Billion Buy of Medivation.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
