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Pharma JV Spending $500M on Austin Plant Expansion
The planned expansion of a Northwest Austin pharmaceutical manufacturing plant by a multi-national joint venture will nearly double the complex’s size and cost a whopping $500 million. The Austin Business Journal reports the project is a joint venture between ICU Medical and Otsuka Pharmaceutical Factory America Inc. They are IV solutions companies that develop, research and manufacture products like IV bags.
The existing facility is about 700,000 square feet, and the new facility will measure about 500,000 square feet. In addition to building an entirely new manufacturing facility, the joint venture will also work to modernize the existing facility with those upgrades expected to be complete in the mid-2030s.
Otsuka ICU Medical LLC hopes to begin site work for the new project later this month and break ground in August.
ICU acquired the 170-acre property at 3900 W. Howard Lane in 2017.
- ◦Development
