Pharmaron completes acquisition of Rhodes site in Coventry

PHARMARON, A BEIJING-BASED pharmaceutical and life sciences research and development company, has completed the acquisition of the former Rhodes manufacturing site in Coventry, pictured above. / PBN FILE PHOTO/MICHAEL SALERNO

COVENTRY – Pharmaron, a Beijing-based pharmaceutical and life sciences research and development company, recently announced that it has completed the acquisition of its former manufacturing site in Rhodes.

The drug research and manufacturing company, which has operations in China, the UK and several US states, announced it had entered into an asset purchase agreement with the site’s former owner, Noramco. Previously, the 498 Washington St. property housed the Rhodes Technologies and Rhodes Pharmaceuticals subsidiaries of Purdue Pharma LP.

The subsidiaries were among the defendants named in a Rhode Island lawsuit filed against Purdue Pharma and Richard Sackler for using deceptive sales and marketing tactics that numerous state officials say led to overprescribing of opioids.

In March, RI Attorney General Peter F. Neronha announced that Rhode Island had reached a $107 million settlement with the drug manufacturers.

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Founded in 2004 and employing more than 15,000 people worldwide, Pharmaron was attracted to the site because of its “proven track record in regulatory and commercial manufacturing,” said Chairman and CEO Dr. Boliang Lou in a statement, adding that the “highly experienced and stable team offers a unique opportunity to rapidly expand our chemistry and manufacturing services capabilities in North America and enrich our global network of services.”

The company has “no plans to develop controlled substances at the facility,” the company’s acquisition announcement says, noting that its “immediate focus will be to hire staff and ensure the site is ready for customers. “

Jacquelyn Voghel is a PBN staff writer. You can reach her at [email protected]

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This post Pharmaron completes acquisition of Rhodes site in Coventry

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