WellSpring Pharma completes $3m investment, $10m partnership

By Melissa Fassbender

- Last updated on GMT

WellSpring Pharma Services has formed a new partnership after completing a $3m capital investment. (Image: iStock)
WellSpring Pharma Services has formed a new partnership after completing a $3m capital investment. (Image: iStock)

Related tags North america

WellSpring Pharma Services has announced a $3 million capital investment in new equipment in addition to a new strategic partnership with IDT Australia to manufacture drugs targeting the US market.

The investment will enable directly scalable capabilities in smaller development-scale equipment. WellSpring will also expand manufacturing for specialized dosage forms, such as bilayer tablets and improve support for high-potency compound manufacturing.

David Mayers, WellSpring Pharma Services, president, told us “The investment will support the implementation of capital to support continued growth, development of new technologies such as bilayer and containment, improved efficiency and address the scale of our equipment introducing development scale in all areas of our business​.”

Mayer explained that the company’s over-riding mission is to provide services that are innovative and value creating, and thus “we realized we could further enhance the work we do to support our current clients by improving and diversifying our systems and equipment​,” he added.

This specifically meant increasing its ability to provide earlier phased development support as well as increasing capacity.

With these expanded capabilities also came the partnership with IDT Australia – WellSpring explained in its press release that the agreement was catalyzed by the company’s investments.

As part of the agreement, IDT will produce several products at the WellSpring facility near Toronto, including Pindolol, a cardiac drug with an estimated US market value of $10m.

According to IDT​, "placing these products in a second facility doubles the resources being applied to the re-commercialization of IDT's proprietary generics range and accelerates progress towards revenues and profitability from our own range of products​."

IDT-WellSpring products are expected to be made available for sale in the US in CYH2 2016 under IDT's distributor, ANI Pharmaceuticals. 

The partnership brings together a need for local production of North American products in North America and solidifies a relationship between two companies with similar values and experience​,” said Mayers. “Our collaboration will support long term growth in our Canada and provide a cost effective high Quality manufacturing option for our client as they launch several new products in the next several years​.”

Related topics Contract Manufacturing & Logistics

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