An investment of up to $10 million by Piramal Pharma Solutions at Lexington’s Coldstream Laboratories, which develops and manufactures injectable pharmaceuticals, will create 40 new jobs and expand capabilities.

India-based Piramal, which purchased Coldstream Labs a year ago, plans to invest in, and expand Coldstream Labs’ manufacturing facility.

William Wedlake, president, formulations and antibody drug conjugates (ADC), Piramal Pharma Solutions, said the investment aligns well with the company’s long-term growth strategy.

“In addition to developing new clients, the Kentucky facility also allows our current ADC clients to forward integrate seamlessly and address their fill-finish needs,” Mr. Wedlake said. “As oncology becomes key in our collaborators portfolio, our ability to handle high potency APIs, develop and deliver high quality, robust, cost effective drug product solutions becomes a key differentiator. I am optimistic that the Kentucky site, will help us achieve that objective.”

Vivek Sharma, chief executive officer, Piramal Pharma Solutions, said the project will help the Lexington facility grow into a significant player in the contract manufacturing market for injectable pharmaceuticals.

“The Coldstream Labs acquisition helped augment our service offerings to potential partners, while also allowing Piramal to participate in the growing injectable segment,” Mr. Sharma said. “Piramal Pharma Solutions now offers an end to end suite of high quality services to our partners, and is well positioned as one of the global leaders in contract manufacturing. Since our initial investment the Kentucky site has demonstrated both leadership and growth, and we are pleased to announce this subsequent phase of investment to enhance capability and capacity.”