23 December 2016
The State Government has successfully attracted another health industries business to Adelaide, creating around 200 new jobs and injecting a massive $650 million into the state’s economy.
Biopharmaceutical company GEN1 Biotechnology Pty Ltd will build a fill-and-finish factory producing injectable medicines in Adelaide to serve both the Australian and international market.
The factory will be the first of its kind in Australia, making ready-to-use injectable medicines that are all currently imported.
GEN1 is an Australian company backed by investors based in Asia and Europe, specialising in the global development of manufacturing plants for biopharmaceuticals.
“We quickly honed in on Adelaide for our new factory after looking at several locations across Australia,” said GEN1 Chief Financial Officer Greg Sheridan.
“Adelaide has a vibrant, fast-growing life sciences community and the South Australian Government, through Health Industries South Australia, was very responsive and provided invaluable support.”
A fill-and-finish factory takes base compounds, formulates them into medicines, fills syringes, vials and cartridges with the formulation and then ships the ready-to-use injectables to hospitals, clinics and pharmacies.
Around 110 jobs will be ongoing, while around 40 will be created in the construction phase.
Around 50 more local jobs are expected to be created through the supply chain.
Health Industries Minister Jack Snelling said this was great for South Australia.
“This project is worth $160 million and it really signals the government’s commitment to transform our economy and deliver hi-tech, high value jobs for South Australians.
“GEN1’s establishment in Adelaide is expected to inject more than $650 million into South Australia’s economy over the next 10 years,” the Minister said.
Health Industries South Australia attracted GEN1 to Adelaide by helping them establish and securing a government partnership to support the company with early-stage establishment costs.
Health Industries South Australia Chief Executive Marco Baccanti said the agency “identified GEN1 as a great addition to Adelaide’s fast-growing life sciences community.”
“Our team of business professionals understood what the company needed from government and got that delivered quickly.”
Health Industries South Australia is the state government agency helping life science companies invest in Adelaide.
Forty-three and a half per cent of R&D costs will be reimbursed in cash to eligible companies with an aggregated annual turnover of less than A$20 million. Read more