Industrial Realty Group LLC, a real estate developer, announced Piscataway-based RK Pharma has leased space at the former Pfizer complex, now known as the New York Center for Innovation campus, in Pearl River, New York.
RK, which specializes in developing injectables and oral pharmaceuticals, signed a 83,000-square-foot, long-term lease at the property and plans to bring 100 jobs to the site. The lease is comprised of the entire 215 building, comprised mostly of manufacturing space, and its adjoining annex.
“RK Pharma is an excellent addition to the scientific community on campus,” IRG CEO John Mase said. “The New York Center for Innovation has a deep history of excellence in research and development, and RK Pharma will continue that heritage into the site’s next chapter.”
By the end of the year, PK will have the capacity to manufacture and commercialize a larger portfolio of injectable projects as well as ophthalmic, dermal and oral solid dosage products.
“Construction, certification and approval of a new drug product manufacturing facility typically takes three to four years and leasing the Pearl River facility has allowed us to hit the ground running, saving us valuable time and money,” Dr. Ravishanker Kovi, founder and executive chairman of RK Pharma, said. “We have begun operations and the access to the existing equipment, along with a campus full of experts within the field has allowed us to advance our pharmaceutical development efforts. We are excited to be part of a campus with other innovative companies creating an environment for exponential growth.”
Financial terms were not disclosed.