Tivyside | Archive | 2005 | December | 21
From the archive, first published Wednesday 21st Dec 2005.
A MASSIVE investment of nearly £200m just won by Protherics, the pharmaceutical company, which manufactures at Ffostrassol, is hailed as a "major boost to the local economy and the economy of the whole of Wales" this week.
"This is great news for the company and is a huge boost for the future security of the factory at Ffostrasol, which is our main manufacturing site," said the company's operations director, James Christie.
"It is a fantastic investment for us and will transform our business. It will certainly mean more job opportunities because this really takes us into the premier league. This really is hitting the bigtime," he added.
Protherics, which has 120 employees locally, has announced that it has entered into an agreement with Astra-Zeneca for Cyto-Fab, its product for the treatment of sepsis.
The potential total deal value is about £195m, excluding royalties, and Astra-Zeneca will also make a £7.5m equity investment in the company.
Protherics UK will be mainly responsible for bulk drug manufacturing, including the supply of clinical trial material, at Ffostrasol.
Two drugs are currently produced there - CroFab, for treating rattle-snake bites and DigiFab, which is used to deal with Digoxin overdose.
Mr Christie paid tribute to the staff and their role in the success of the company: "Local people have been instrumental in making it all happen and putting Protherics at the technical frontline. This has earned us a great opportunity for the site here in west Wales and is a return for all the hard work and investment over the last 20 years."
He added: "We are also very grateful for the support we have received over the years from Ceredigion County Council, the WDA and the Welsh Assembly Government, which has all helped us to reach this position and we look forward to their continuing support."
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