COVENTRY – Pharmaron, a Beijing-based pharmaceutical and life sciences research and development company, recently announced that it has completed its acquisition of the former Rhodes manufacturing site.
The drug research and manufacturing company, which has locations in China, the United Kingdom and several U.S. states., announced that it had entered an asset purchase agreement with former site owner Noramco. Previously, the 498 Washington St. property housed Purdue Pharma LP subsidiaries Rhodes Technologies and Rhodes Pharmaceuticals.
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The subsidiaries were among the defendants named in a lawsuit that Rhode Island filed against Purdue Pharma and Richard Sackler for using deceptive sales and marketing tactics that numerous state officials alleged led to overprescribing of opioids.
In March, R.I. Attorney General Peter F. Neronha announced that Rhode Island had reached a $107 million settlement with the drug manufacturers.
Pharmaron, which was founded in 2004 and employs more than 15,000 people worldwide, was attracted to the site for its “proven regulatory and commercial manufacturing track record,” Chairman and CEO Dr. Boliang Lou said in a statement, adding that the “highly experienced and stable team provides 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 may reach her at Voghel@PBN.com.
