MTL, a privately-held contract laboratory (CRO) and a contract manufacturer (CMO) with the majority of activities in the life science industry, will begin manufacturing the two new drugs in five weeks time.
Although the company would not disclose the other drug companies involved in the contracts, it said that it would be manufacturing two different injectable medicines - one to be bottled in vials and another in cassette dispensers - to be used in hospitals.
Until now, MTL's contract manufacturing activities have involved making only small amounts of pharma and biotech products, such as vaccines and cancer drugs, mainly for clinical trials, and the new contracts will significantly expand its growing portfolio of contract manufacturing activities.
This growth in business was made possible by a $5.3m (€4.4m) expansion at its manufacturing facility in Agawam, Massachusetts, completed in August last year.
Since 2003, MTL has created approximately 25 life science jobs as a result of the ongoing expansion and it expects to create 10 more by the end of the year as its plans for growth continue.
"MTL will expand again this year with another considerably sized build out. This expansion will cost roughly $2m and will consist of three new manufacturing suites which will be the foundation of our business strategy for many years to come," said Dr Steven Richter, MTL president and CEO.
"Our plans for 2007 are also aggressive and will require an additional $7m in financing. This final build-out will allow us to manufacture large scale bio-technology and pharmaceutical products such as the recombinant botulinum vaccine," he said.
Dr Richter also indicated that the aggressive 2007 strategy forecasts sales revenues nearly double those of 2005.