Penn sets up US subsidiary

PRLog (Press Release) – Oct 18, 2007 – UK pharmaceutical development and custom manufacturing specialist Penn Pharmaceutical Services has set up a US subsidiary, Penn Pharmaceutical Services US Inc, in Philadelphia, Pennsylvania.

Paul Wituschek has been appointed director of North American business development. Mr Wituschek has some 20 years’ experience in the pharmaceutical, biotechnology, healthcare, insurance and publishing industries. Most recently, he was global sales director for Wolters Kluwer Health’s pharma solutions business unit.

Penn was the subject of a £67 million ($134 million) management buyout led by chief executive, Peter George, in April this year. The MBO was supported by private equity firm LDC (part of Lloyds TSB), which invested £33 million for a significant majority stake. Penn has annual turnover of £16 million and has increased the size of its order book by 30% over the past year. “Development of our North American office is critical to maintain our planned growth rate of 20%,” said Mr George. Penn’s sales are forecast to reach some £25 million over the next four years.

The company employs around 200 people and operates from a 323,000 sq ft base in Tredegar, South Wales. Its services include formulation and analytical development, clinical trial supplies, packing, storage, distribution and inventory management, specialised custom manufacturing, from pilot to commercial batch sizes, CMC consultancy and qualified person services. Submitted by www.jobs4dd.com