Athenex to invest $1.62bn for expansion in New York

Daniel Searle 12 Feb 2016 EUROPE, NORTH AMERICA BUILDINGS

Athenex, a manufacturer of oncology medication, is set to invest $1.62bn to expand its operations in Dunkirk and Buffalo in New York.

The project will involve the expansion of Athenex’s North American headquarters at the Conventus Building in Buffalo, and construction of a modern 300,000 sq ft manufacturing facility in Dunkirk.

Plans for the Dunkirk site will include the construction of the new High Pharmacy Oncology Manufacturing Facility, which will be used by Athenex to manufacture sterile high potency oncology drugs. The facility will be owned by the state.

The Buffalo project will involve the expansion and modernisation of the sixth storey of the Conventus Building on the Buffalo Niagara Medical Campus. Athenex will occupy a 51,000 sq ft space under a long term lease for its North American Headquarters, a formulation product development centre and a pilot plant.

The sixth floor will be leased by the state, which will sublet it to Athenex for 10 years with Athenex having the option to add on an extra 10 years.

Athenex will invest a minimum of $1.52bn for the Dunkirk site and $100m for the Buffalo project. New York state, through the SUNY Polytechnic Institute, will invest $200m and $25m in the Dunkirk and Buffalo sites respectively.

The project is anticipated to create 500 jobs in Buffalo and 900 jobs in Dunkirk.

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