AAIPharma expands on Q3 revenue growth

2012-01-03

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Buoyed by a third-quarter revenue performance that the company says bettered anything since its acquisition by private equity firm Water Street Healthcare Partners in 2009, AAIPharma Services has announced a “major capital expansion initiative” at its US headquarters site in Wilmington, North Carolina and its manufacturing facility in Charleston, South Carolina. Construction work is already underway on the Wilmington analytical facility, which will comprise a new 40,000sq ft laboratory and technology centre, noted AAIPharma, a US-based provider of contract pharmaceutical product development services. The company says it will expand laboratory and manufacturing capacity at its Charleston parenteral manufacturing facility early this year. The facility will also switch to a two-shift operation in 2012 to better accommodate customer needs and overall demand. Chief executive officer Patrick Walsh pointed to a recent survey by ContractPharma, suggesting that 79% of pharmaceutical and biotechnology companies will maintain or increase their current level of outsourcing. The company continues “to see growth for a range of contract services in the pharmaceutical drug development industry” and believes it is well positioned to carry on expanding and increasing its market share, Walsh added. Record revenues Record revenues in the third quarter of fiscal 2011 surpassed any previous quarterly performance since the company’s acquisition by Water Street Healthcare Partners in July 2009, AAIPharma said. What is now ZeeCRO Inc. changed its name from AAIPharma Inc and shifted its corporate headquarters from Wilmington to Cary, North Carolina after selling its Pharmaceutical Development division to Water Street Healthcare Partners. Rights to the AIIPharma name were part of that deal.

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