The San Diego-based Biotech Investment Group LLC announced it has launched a new subsidiary, Formex LLC, after completing a purchase of the assets of contract manufacturing organization PharmaForm.

Formex is a contract development and manufacturing organization that develops oral and topical dosage mechanisms. It is operating in an 80,000-square-foot manufacturing site in the Torrey Pines neighborhood; it currently uses about 45,000 square feet of the space, the company said.

PharmaForm was a subsidiary of Austin, Texas-based Akela Pharma Inc. before the company restructured last September. It moved to San Diego last fall, and has since been absorbed by Formex and Biotech Investment Group for an undisclosed price.

The privately held Biotech Investment Group, founded in 2006, said it provides growth equity capital to emerging health care services companies.

— Meghana Keshavan