Under PuraCap International, the newly created company will grow and strengthen PuraCap's manufacturing capabilities over the next several years, according to PuraCap Pharmaceutical chief executive officer, Dahai Guo.
"This acquisition is a major step in the growth of our capability in the manufacturing of oral solid dosage forms in the U.S., which complements our state-of-the-art soft gelatin capsule manufacturing facility in Wuhan, China," said Mr. Guo.
The acquisition includes a state-of-the-art 145,000 sq. ft. FDA-approved, cGMP compliant manufacturing facility in Dorado, Puerto Rico, as well as an 185,000 sq. ft. warehouse and distribution center in Franklin, KY.
"Dangdai International Group is especially pleased to be part of this joint venture that broadens our investment activity into the western hemisphere in a company poised for strong growth," said Hansheng Zhou, chief executive officer, Wuhan Dangdai Science & Technology Industries Group.
Dangdai International Group is a wholly owned subsidiary of Wuhan Dangdai Science & Technology Industries, a conglomerate with a substantial medical and pharmaceutical portfolio in China. Dr. Zhou also serves as the chairman of the board at the newly formed PuraCap International.
"This acquisition brings us further infrastructure and sales channels, not only in the retail generic drug business, but also the U.S. government purchasing tender business channel to help meet the growing demand for generic prescription products," said Sean Weeks, president, PuraCap International.