February 12, 2018

LakePharma buys Hopkinton facility for $4.5M

Google
LakePharma has purchased this Hopkinton building for $4.5 million.

The California bioscience company once considered to be the anchor of a Worcester biomanufacturing campus is planning to open a new facility in a 69,000-square-foot Hopkinton building.

The property, at 35 South St., will be developed for LakePharmas' microbiomanufacturing center, where the company will conduct phase 1 clinical trials.

According to the Middlesex County Registry of Deeds, the company purchased the property from Michigan-based property managers Midway Corp. for just over $4.5 million in December.

The company plans to add about 100 jobs at the site by 2020, LakePharma said in a press release Monday.

When ready, the site will support the company's assay development, bioanalytical and process development and quality control services.

The company was once a prospective anchor tenant for a large biomanufacturing campus under development by the Worcester Business Development Corp. at the former Worcester State Hospital site, but pulled out of the project in September.

LakePharma still operates a facility in Worcester at the Worcester Polytechnic Institute campus and plans to double the size of that operation this year.

The company in December said it raised $30 million to open additional locations in Massachusetts and California, but didn't disclose the location until Monday.

In a statement, LakePharma CEO Hua Tu said the new facility will allow for fully integrated contract development and manufacturing organization capabilities.

The site is a short drive to Boston and the surrounding area, where a large cluster of biotechs and LakePharma customers exist.

"We will soon be able to provide our clients and partners with the end-to-end services they demand," Tu said.

According to the Massachusetts Biotechnology Council, the building was previously occupied by Bristol-Myers Squibb and Olympus Biotech before that.

Comments

Type your comment here:

Today's Poll Would your company consider changing its name or brand if it had a connection to an undesirable event or ideology?<>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media