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August 28, 2019 - RIVIERA BEACH, FLA – The Business Development Board of Palm Beach County (BDB) is pleased to announce that Strides Pharma, one of the world's largest manufacturers of soft gelatin capsules (SGC), has acquired Micelle BioPharma located in Riviera Beach. Strides Pharma will occupy the full 90,000 sq. ft. facility and employ 150 people. The company plans to invest over $10 million into the local economy.
Strides has over two billion annual capacity of soft gelatin capsules at its international flagship site. The new Riviera Beach site will augment this capacity and will offer an additional site to support the Company's growth plans. Micelle's facility was a strategic fit because it's one of the very few manufacturing facilities in the U.S. with a soft gel capsule manufacturing suite for formulations with containment needs. It's also the only FDA approved integrated manufacturing-packaging SGC facility in the U.S. In the future, Strides plans to expand additional dosage format suites for select large volume products at the new Riviera Beach facility.
The BDB assisted Strides Pharma with information regarding Palm Beach County's life sciences cluster, as well as why it would be the ideal fit for the company. Strides was also connected with CareerSource Palm Beach County to help fill talent needs.
"Strides Pharma Inc. has acquired the manufacturing facility under an asset purchase agreement with Micelle Biopharma, Inc. and will invest up to $10 million to build incremental capabilities and add dosage formats," said the Strides team. "Palm Beach County has over 700 life science companies," said Kelly Smallridge, President and CEO of the Business Development Board. "Strides Pharma will be a great addition to all of the innovation that's currently taking place here."
About Strides: Strides mainly operates in the regulated markets and has an "in Africa for Africa" strategy along with an institutional business to service donor funded markets. The Company's global manufacturing sites are located internationally and focuses on "difficult to manufacture" products that are sold in over 100 countries. Additional information is available atwww.strides.com.
About Business Development Board: The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,822 direct jobs with average salaries greater than $69,062, resulting in more than $777 million in capital investment to Palm Beach County and an economic impact that exceeds $6.87 billion. Additional information can be found at the BDB’s web site, BDB.org.