Actavis to invest $48M in Puerto Rico plants
SAN JUAN, Puerto Rico (AP) — Drugmaker Actavis Plc is investing $48 million to reactivate and expand two manufacturing plants in the U.S. territory of Puerto Rico, the governor announced Wednesday.
Gov. Alejandro Garcia Padilla said Actavis expects to produce about 2.5 billion tablets at a pharmaceutical plant in the north coastal town of Manati that previously served as a warehouse. Actavis also will expand a manufacturing plant based in the northeast coastal town of Fajardo.
Some 300 jobs will be created in the next three years, Garcia said.
Both plants were previously owned by Warner Chilcott, which Actavis bought in 2013 for $8.5 billion.
Actavis is based in Ireland and has grown in recent years as a result of several multibillion-dollar deals.
The announcement comes as Puerto Rico seeks to revive its economy and attract more investment to the island, which remains among the world’s leading centers for pharmaceutical manufacturing. The sector accounts for roughly a quarter of the island’s economy, but it has been in retreat in recent years.