Generic Drug Firm Invests $6.6 Million in Expansion
Generic drug maker Amneal Pharmaceuticals LLC is planning a significant expansion of its sales operations and distribution center in Glasgow, Kentucky, Governor Steve Beshear announced May 11.
The project comes with a price tag of $6.6 million, which will go toward combining the company’s distribution facilities in Long Island, New York with its current location in Fountain Run, Kentucky. The consolidated operation, which also creates 48 new jobs, will be housed in a 115,000-square-foot facility in Glasgow in Barren County.
The announcement followed a decision by the Kentucky Economic Development Finance Authority to approve Amnea for $2.5 million in tax incentives through the Kentucky Business Investment program. “The success of our existing industries is a vital part of our economic recovery and Amneal’s growth will have a tremendous impact, helping to move our economy forward,” Beshear said.
The company considered relocating its facilities to metropolitan New York, but ultimately decided Glasgow was a better fit. “In addition to compelling economic incentives, we recognized that the superb quality and dedication of Glasgow’s workforce is a key factor in Amneal’s reputation for service excellence,” said Jim Luce, Amneal’s executive vice president of sales and marketing.
Established in 2002, Amneal Pharmaceuticals is the 10th largest US generic supplier in number of prescriptions dispensed, according to March 2010 IMS Health data. Amnea’s catalog currently includes nearly 200 generic prescription and over-the-counter drugs spanning 19 therapeutic categories, from analgesics and anti-depressants to hormone replacement therapy and vitamin supplements. For more information, visit www.amneal.com.