Pfizer is injecting $500 million into a manufacturing facility in Sanford, North Carolina to position itself as a bigger player in the gene therapy market.
The Sanford site is already where Pfizer manufacturers several of its late-stage experimental therapies including a treatment for Duchenne Muscular Dystrophy (DMD). Now, the expansion will allow the facility to add capacity and capabilities for more gene therapies, while creating about 300 jobs.
Pfizer said the investment is part of an overall plan to pump $5 billion into U.S. capital projects over the next few years. It’s also in line with its overall strategy of bolstering its pipeline of innovative gene therapy and oncology drugs. Earlier this year, Pfizer also scooped up gene therapies being developed Vivet Therapeutics in a deal worth up to $636 million.
Read the full Reuters report.