Pronova BioPharma to expand manufacturing capabilities and double capacity
Pronova BioPharma ASA announced the approval from the board to start construction of a new manufacturing facility to be located in Kalundborg, Denmark. The new facility is expected to double the current production capacity of the active pharmaceutical ingredient ("API") used in Pronova BioPharma's lead product, marketed as Omacor in Europe and Lovaza in the United States. The Company plans to invest between NOK 1.45 billion and NOK 1.7 billion. The expansion project will be funded principally through a multicurrency revolving credit facility of NOK 1.5 billion, and any capital requirements above NOK 1.5 billion are expected to be financed through the company's operations. The project expects construction to commence later this month. The new facility is expected to be operational and approved by the relevant regulatory authorities by the first half of 2010.
The Kalundborg facility will be based on the same technology as the Company's current facilities in Sandefjord, Norway, and is expected to produce 1,200 tonnes of API annually. This would double the capacity compared to the 1,200 tonnes produced at the existing Sandefjord plant. The Company believes that using the same technology and structure as its Sandefjord plant will help to secure the requisite regulatory approval of the new facility and progress the construction as efficiently as possible.
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