N.J. pharma to invest $20M in Durham;...
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Mar
17
ragupathyrenganathan
N.J. pharma to invest $20M in Durham; add 52 jobs
Pharma News
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Braeburn signed a lease with Longfellow Real Estate Partners to move into 35,000 square feet of lab and office space at Keystone Technology Park.

Braeburn, an Apple Tree Partners company based in Princeton, New Jersey, does not have any approved drugs on the market, though is seeking regulatory approval for Probuphine, a six-month buprenorphine implant for the treatment of opioid dependence. It has five other drugs under development in areas including opioid dependence, pain and schizophrenia.
Braeburn’s new operations in Durham will employ bio-manufacturing workers as well as research and development specialists, according to a news release distributed by Gov. Pat McCrory’s office. The average salary of the facility’s workers will be $75,769 per year. Durham County’s overall average annual wage is currently $66,913. Braeburn received a performance-based grant of up to $100,000 from the One North Carolina Fund.
The U.S. Food and Drug Administration is expected to rule on Probuphine by May 27. If approved, Braeburn would look to manufacture the treatment at this new facility. It will also conduct lab research at the new site.
Opioid abuse has been a growing concern of many health care professionals and called “an urgent public health epidemic” by Dr. Patrice Harris, chair-elect of the American Medical Association board of trustees and chair of the AMA Taskforce to Reduce Opioid Abuse. “We believe it is our professional and ethical responsibility to help bring an end to this epidemic,” she said.

Elsewhere, the National Governors’ Association has called to end opioid abuse as well.
Already, Raleigh is home to BioDelivery Sciences International (Nasdaq: BDSI), which in 2014 introduced Bunvail, a treatment for individuals who are addicted to opioids. In late February, it launched Belbuca, a Schedule 3 opioid, meaning it has lower abuse and addiction potential compared to Schedule 2 opioids like other widely used painkillers, including OxyContin and Vicodin.
Deb Boucher, senior vice president with Cushman & Wakefield, brokered the arrangement on behalf of Braeburn Pharmaceuticals. Longfellow’s Neill Sherron brokered the arrangement on behalf of the landlord, according to Longfellow Real Estate Partners.

 

Courtesy – Biz Journals



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