Ignite San Diego

Ignite San Diego

Local business spotlight

Genentech to Invest $132 Million in Oceanside Plant

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    AP
    This undated photo provided Jan. 31, 2011, by California-based Genentech Inc., shows the blockbuster cancer drug Avastin. A new analysis raises fresh questions about the risks of Avastin, suggesting the chance of dying from side effects linked to it is higher than the risk for patients on chemotherapy alone. (AP Photo/Genentech Inc.)

    San Francisco-based Genentech is investing $132 million into its Oceanside plant, with aims to double its drug manufacturing capacity. It will hire 50 scientists, engineers and technicians to support its expanded operations.

    The construction will begin in the first quarter of 2014, and is expected to be complete in 2016. The plant currently employs 420.

    Genentech is wholly owned by Swiss drugmaker Roche Holding AG (OTC: RHHBY), which has a market capitalization of $224.8 billion.

    The Oceanside plant currently manufactures three Genentech drugs that that treat cancer and arthritis — Actemra, Rituxan and Avastin.

    The company is expanding its manufacturing capacity to accommodate a new wave of drugs that it expects will receive U.S. Food and Drug Administration approval over the next two to five years, said Don Fitzgerald, vice president and general manager of Oceanside production operations at Genentech.

    Follow NBC 7 for the latest news, weather, and events: iPad App | iPhone App | Android App | Facebook | Twitter | Google+ | Instagram | RSS | Text Alerts | Email Alerts