Rising Pharmaceuticals opens manufacturing plant at former Akorn site in Illinois
20 Sep 2023
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Source: FiercePharma
Rising Pharmaceuticals opened a manufacturing facility focused on sterile injectables in Decatur, Illinois. The plant is a former production site for bankrupt Akorn Pharmaceuticals.
Rising Pharmaceuticals, a generic drug maker, opened a manufacturing facility that will focus on injectables and ophthalmic products in a move to fill critical pharmaceutical shortages in the U.S.
The 230,000-square-foot plant is located in Decatur, Illinois, at a former facility run by Akorn Pharmaceuticals. The plant closed when Akorn filed for Chapter 7 bankruptcy in February, leaving hundreds of employees around the country without jobs.
The site will bolster Rising’s existing product portfolio and support the company's push to offer more products, the company said in a Sept. 19 press release.
Rising bought the production facility for $1.2 million and the packaging site for $50,000 in June, according to the Herald & Review. About 30 workers have been hired with an eventual target of 75, the newspaper reported.
The facility underwent an $25 million upgrade in 2018.
“We recognize that expanding manufacturing capabilities in the U.S. is mission-critical for our continued commercial success, as well as for public health in general,” Vimal Kavuru, chief executive of Rising, said in the release. “The new facility will adhere to stringent quality standards to produce generic medications that are effective and cost-efficient.”
Rising, which is a portfolio company of Miami-based private equity firm H.I.G. Capital, produces more than 180 commercialized generic medicines.
Back in 2019, the company admitted to price fixing and working with a competitor to rig the market on a hypertension medication. In a settlement with the Department of Justice, the company agreed to cooperate with prosecutors in their investigation of other players in the industry plus pay more than $3 million in criminal penalties, restitution and civil damages.
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