Opal Biosciences buys drug development business, eyes manufacture

Infections diseases therapy company Opal Biosciences has bought a specialist pharmaceutical formulation business, boosting its capabilities in developing new drugs for clinical trials and manufacture.

The Melbourne company bought Formulytica Pty Ltd which has in-house laboratories for developing formulations for topical and injectable drugs.

The company provides a fee-for-service business for local and international clients and gains royalties from its own technologies.

Opal managing director Julie Phillips told @AuManufacturing: “The new merged entity will fill a significant gap in the value chain in Australian pharmaceutical product development.

“The acquisition represents a unique opportunity to grow a new, merged business designed to meet the significantly increased requirement for onshore manufacturing in Australia.

“This need has become increasingly evident with the COVID-19 pandemic.”

Phillips said the business would support overseas and local biotechnology and pharmaceutical companies wishing to conduct clinical trials in Australia and formulate product for clinical and nonclinical studies.

The merged business was now developing plans to expand into small scale manufacture for the clinical industry.

Opal will raise new capital to complete the purchase.

In April @AuManufacturing reported that Opal had developed a plan to rescue the GSK pharmaceutical plant at Boronia in Melbourne from closure, and turn it into a vaccine producing hub.

Picture: Opal Biosciences

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