Economic Development Incentives Allow Pine Pharmaceuticals To Double Full-Time Employment
Demonstrates New York's Commitment To Fostering the Growth of Innovative Businesses and Supporting State's Future in Tech Manufacturing
View Photos of the Expanded Facility Here
Governor Kathy Hochul today announced the completion of the $8.6 million expansion of Pine Pharmaceuticals LLC's manufacturing plant in the Town of Tonawanda. The drug outsourcing company tripled the size of its facility at Riverview Solar Technology Park following the company's tremendous growth in the past three years. The expansion has allowed Pine to add almost 90 new, full-time permanent employees, doubling its initial projections and overall full-time permanent workforce. Empire State Development has agreed to support this project with up to $650,000 in performance-based Excelsior Jobs Program tax credits.
"Manufacturing is part of New York's legacy, and our state is home to some of the best engineers, developers, and scientists in the world," Governor Hochul said. "Pine Pharmaceuticals investment in Western New York will help fill a critical need for U.S. manufactured drugs, retain and create much-needed jobs and continue to boost our state's economic growth."
Pine Pharmaceuticals is a family-owned business that has experienced exponential growth and success in Western New York. The company provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, ambulatory surgery centers, medical practices and clinics. The company uses cutting-edge technology and industry-leading quality assurance practices and addresses drug shortages by working with hospitals, clinics, medical practices and physician offices to provide sterile compounded pharmaceuticals.
Pine Pharmaceuticals invested $8.6 million for the 50,000-square-foot addition to the existing state-of-the-art facility. The firm also benefits from low-cost power awards from the New York Power Authority: a 400-kilowatt (kW) Niagara hydropower allocation and a 136-kW ReCharge NY power allocation as part of its commitment to create and retain jobs and invest capital. ReCharge NY, launched by New York State 2011, offers up to seven-year power contracts. Half of the power — 455 megawatts — is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and lowest-cost electricity in the state. The remaining 455 megawatts is lower-cost power bought by NYPA on the wholesale market.
Empire State Development President, CEO and Commissioner Hope Knight said, "The health care industry is a growing sector in the Western New York economy, and with support from Governor Hochul, businesses like Pine Pharmaceuticals are creating more high-quality jobs for local workers. The company's move to triple the size of its facility, while adding 40 full-time jobs, reminds us that our recovery from Covid-19 is well underway."
Alfonse Muto, Owner of Pine Pharmaceuticals said, "We are so grateful for the support New York State has shown us during our expansion process. We are proud to be leading the charge right here in Western New York by creating dozens of new jobs and providing essential pharmaceuticals that will dramatically improve patient care across the country."
The new single-story addition to the sterile compounding facility include warehousing, quality, and manufacturing space. Other significant investment includes ISO-certified cleanrooms and manufacturing equipment. The company will use the additional space to produce IV bags and other complex products, as well as for inspection, packaging, labeling and storage. The entire building was designed from the ground up to comply with the FDA's Current Good Manufacturing Practice (CGMP).
State Senator Sean Ryan said, "Pine Pharmaceuticals' expansion is a great example of how supporting the growth of local businesses helps move our regional economy forward. I commend the company's leadership team for their decision to expand their operations right here in Western New York and bring dozens of new jobs to the Town of Tonawanda."
Assemblymember William Conrad said, "Pine Pharmaceuticals' nearly $9 million expansion - which tripled the size of its facility in the booming Riverview Solar Technology Park and added 40 full-time jobs in our region's life science sector - has been a conspicuous symbol of Western New York's economic resilience in the wake of the pandemic. It also represents key progress for the Town of Tonawanda and its robust goal of reimagining its waterfront with cleaner, greener, more walkable developments. I thank Pine Pharmaceuticals for continuing to invest in Tonawanda, and I am proud that New York State recognized the value for all of us in its partnership with this growing family-owned business."
Town of Tonawanda Supervisor Joseph Emminger said, "The expansion is a welcome addition to the continued development of Tonawanda's commercial base and will add to the success of Pine Pharmaceuticals who has chosen to operate one of the nation's leading FDA- registered outsourcing facilities in the Town of Tonawanda."
Montante Construction President Douglas Elia said, "Montante Construction was proud to once again partner with Pine Pharmaceuticals on the expansion of their manufacturing facility in Riverview Solar Technology Park. Our team came together to construct a technically challenging space, including cleanrooms that limit pollutants and control environmental factors such as temperature, humidity, and pressure. We are looking forward to future partnerships with Pine as they forge ahead making high-demand medical products for health care practices, clinics, hospitals, and other facilities across the United States right here in Western New York."
About Pine Pharmaceuticals
Pine Pharmaceuticals is an FDA-registered, CGMP-compliant, 503B outsourcing facility. For more information, please visit www.PinePharmaceuticals.com or call 844-218-4138 to learn more about our products and services.
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