Genentech to Invest $132 Million in Oceanside PlantTuesday, October 15, 2013
San Francisco-based Genentech is investing $132 million into its Oceanside plant, with aims to double its drug manufacturing capacity. It will hire 50 scientists, engineers and technicians to support its expanded operations.
The construction will begin in the first quarter of 2014, and is expected to be complete in 2016. The plant currently employs 420.
Genentech is wholly owned by Swiss drugmaker Roche Holding AG (OTC: RHHBY), which has a market capitalization of $224.8 billion.
The Oceanside plant currently manufactures three Genentech drugs that that treat cancer and arthritis — Actemra, Rituxan and Avastin.
The company is expanding its manufacturing capacity to accommodate a new wave of drugs that it expects will receive U.S. Food and Drug Administration approval over the next two to five years, said Don Fitzgerald, vice president and general manager of Oceanside production operations at Genentech.
— Meghana Keshavan