This past summer, Coripharma acquired the pharmaceutical manufacturing facilities of Actavis located outside of Reykjavik. Actavis is a global pharmaceutical conglomerate belonging to the Teva group.
The newly established company has been under development for the previous two years and will focus on contract manufacturing, specifically producing generic drugs. At its current stage, Coripharma is focusing on finalizing the renovations of the physical facilities. Having hired over 10 employees, they project they will grow to 40 within a few short months and a few hundred within two years.
The new endeavor will begin delivering their first drugs in the first quarter of 2019 in a market valued at over 5-billion USD. Coripharma’s founders and leaders, with extensive knowledge in generic pharmaceuticals and manufacturing, will also be able leverage the substantial skills and knowledge from those previously with Actavis, as well as the research and training conducted at the University of Iceland’s Faculty of Pharmaceutical Sciences.
“We are very pleased to have reached this agreement with Teva and can now activate the great interest we have found in restoring previous manufacturing and exporting drugs from here,” says CEO of Coripharma, Bjarni K. Thorvardsson. Coripharma, among other life science companies focusing on development in Iceland, benefit from favorable patent legislation, low corporate tax, and encouraging financial incentives for R&D and commercial applications. To learn more, please visit Invest in Iceland.
Photo Courtesy of MBL.is: Bjarni K. Thorvardsson, CEO, and Torfi Rafn Halldórsson, Managing Director of Business Development of Coripharma.