LONDON (dpa-AFX) - Croda International Plc (CRDA.L), a British speciality chemicals firm, said on Tuesday that it entered into a co-operative agreement with the American government through which its pharma business will obtain up to $75 million to boost its production capacity of ingredients for lipid systems in the U.S.
Lipid systems provide major potential as the delivery system for a wide range of nucleic acid applications, including novel mRNA-based therapeutics, such as flu vaccines and cancer treatments.
Daniele Piergentili, President of Croda Life Sciences, said: '. This will help ensure that the U.S. is well prepared for future health emergencies and equipped to offer advanced treatments for some of the most prevalent illnesses in the world today.'
In addition, Croda also said that it will invest up to $58 million, bringing the total project investment to up to $133 million.
The investment will be used to establish a new lipid facility as part of a new multi-purpose cGMP site in Lamar, Pennsylvania. The construction is projected to start begin in 2022, with the new capacity anticipated in 2025.
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