Berkshire Sterile Manufacturing Secures $16.5 Million in Financing to Expand its Facility and Capabilities
LEE, Mass., June 1, 2020 /PRNewswire/ -- Berkshire Sterile Manufacturing (BSM) located in Lee, MA has secured $16.5 million in financing from Berkshire Bank and Lee Bank to expand its operations in Lee. This financing will be used to add manufacturing capabilities including an additional state-of-the-art robotic line for producing sterile drug products in vials, syringes, and cartridges. BSM will also install a new pharmaceutical-grade water system, add additional testing capabilities in their microbiology and analytical labs, expand their warehouse, and double the size of their cleanrooms.
The company fills injectable drug products for companies in the biotech and pharmaceutical industries that are in clinical trials or need small amounts of product for commercial treatments, such as orphan drugs. Recently the company has been producing COVID-19 drugs for clinical studies being performed in the US and Europe. Dr. Andrea Wagner Senior Vice President Business Development said, "We are pleased that Berkshire Bank and Lee Bank were able to provide the financing we need to double our capacity to serve the needs for clinical manufacturing of sterile injectable drugs for COVID-19 and other diseases. We expect to hire an additional 60 employees over the next two years to support our growth."
The company, founded in 2014 with financing from Berkshire Bank and MassDevelopment, received a TIF from the town of Lee with a promise to create 60 new jobs in 5 years. "Six years from its founding, BSM employs more than 150 people at its Lee manufacturing facility in high paying career jobs, and we are continuing to hire staff," said HR Director, Jennifer Moriarty.
Michael Ferry, Senior Vice President Berkshire Bank, commented, "Berkshire Bank is proud to continue its support of BSM's growth. We were there for BSM as they grew in the last 5 years significantly helping the local economy." Chuck Leach, President of Lee Bank said, "BSM is a bright spot in the tough economy we are experiencing right now."
BSM is placing orders for the new equipment which is being built by companies in the US and Europe. The new equipment will arrive over the next year and a half and will be fully operational by early 2022.
Berkshire Sterile Manufacturing
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SOURCE Berkshire Sterile Manufacturing