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More than $600 million in backing opens the door for additional manufacturing capacity, further Covid-19 preparations
Thermo Fisher Scientific Inc., a contract development and manufacturing organization (CDMO), announced more than $600 million in capital investments to expand its bioprocessing production capabilities through 2022. These investments are expected to more than double the company's current manufacturing capacity and assist biopharma customers as they prepare to meet both the short-term Covid-19-related demands, as well as long-term efforts to develop new vaccines and biologics for other conditions.
"As the bioprocessing market grows, our customers require a consistent and reliable supply of critical materials. Single-use technologies, cell culture media and purification resins are among those in highest demand," Michel Lagarde, executive vice president of Thermo Fisher Scientific, says. "These investments add significant capacity and regional redundancy to further bolster supply chains and help us better support customers as they accelerate the commercialization of lifesaving therapies and vaccines."
The company expects to add more than 1,500 new jobs spanning across 11 manufacturing sites in the Americas, Europe and Asia, as a result of these investments.