Global private investment firm Bridgewest Group has completed the acquisition of the Perth sterile injectable manufacturing facility from Pfizer.
Bridgewest, headquartered in Miami, previously announced the definitive agreement to purchase the facility late last year.
A wide range of premium sterile injectable drug products are manufactured at the recently purchased facility, which is a cGMP manufacturing unit.
The facility will now continue to manufacture pharmaceutical goods for Pfizer in accordance with a master services agreement and will do so as a Contract Development and Manufacturing Organisation (CDMO) going forward.
The new owners plan to fork out for a widespread upgrade to the plant, including modernising its capabilities and will continue to produce drug products for Pfizer under the agreement.
Dr Masood Tayebi, co-founder and CEO of Bridgewest Group, stated the firm sees a tremendous opportunity in pharmaceutical manufacturing in the region.
“We’re assembling a world-class executive team with seasoned industry operators like Marc to oversee and support the continued growth of this acquisition as well as future investments,” the CEO noted.
While real estate companies have observed a rise in demand from international corporations for industrial space in Australia, government support for the life sciences sector at both the State and Federal levels has been growing, with considerable incentives on offer.
In accordance with the company’s ongoing expansion in Western Australia, Bridgewest Group has also launched the subsidiary Bridgewest Perth Pharma Pty Ltd with Former Fonterra chief financial officer Marc Rivers as president and CFO.
Rivers echoed Dr Tayebi’s sentiment, stating “I’m honoured to join Bridgewest Perth Pharma. This is an incredible industry to be in right now. The rate of innovation is amazing. I look forward to spearheading the company’s growth initiatives as we broaden and vertically integrate world-class services and products within our life sciences investments.”
Privately owned Bridgewest Group, founded in 1999, has more than $3 billion in private funding.
A number of Pfizer’s sterile injectable medicine items are also included in the Perth agreement; these products will continue to be produced in Bentley.
The Bentley plant includes nine production lines and its work is distributed to more than 90 countries.
