IPR Acquires Chiron Plant In Puerto Rico

IPR Pharmaceuticals, Inc. has acquired the Chiron Corporation plant and adjacent lands in Canovanas, Puerto Rico. The acquisition of the Chiron facilities gives IPR its third manufacturing site on Puerto Rico and the additional space it needs to accommodate its growing operations on the island. The company currently employs approximately 530 persons in plants at Carolina and Guayama, about 200 more than it employed three years ago.

"This expansion project reflects our belief that Puerto Rico continues to be an important investment area for the company," said Ruben Freyre, president of IPR. Freyre explained that IPR plans to invest $100 million equally between the new Canovanas plant and IPR's existing site at Guayama. The Company's Carolina plant will continue to operate but part of its Quality Assurance Laboratory operations and some of its product packaging lines will be shifted to Canovanas. Nelson Perez, director of manufacturing at the Carolina plant, will also direct operations at Canovanas.

Under the expansion project, IPR will begin manufacturing two new products in the Carolina and Canovanas plants: Casodex, for the treatment of cancer; and Zomig, used in the treatment of migraine headaches.

IPR expects its newly acquired plant to be operational by the end of 1999.

For more information: Vivian C. Vazquez Colon, Puerto Rico Industrial Development Co. Tel: 787-753-6859.