Jubilant Radiopharma Announces Investment of $50 million (USD) to Expand Positron Emission Tomography (PET) Manufacturing Network
YARDLEY, Pa.--(BUSINESS WIRE)--Jubilant Radiopharma’s Radiopharmacies division is excited to announce an investment of $50 million (USD) to expand its PET radiopharmaceutical manufacturing facilities by adding six (6) sites in strategic locations throughout the United States. The new PET radiopharmaceutical manufacturing facilities are expected to be operational within 24 months.
The US radiopharmaceutical industry is poised to grow from $5 billion (USD) in 2023 to $20 billion (USD) in 2030 due to the increasing demand of PET imaging and advanced radiopharmaceutical therapies. The growth in the PET imaging market is fueled by new products such as diagnostic agents indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer and novel diagnostics that reliably visualize β-amyloid neuritic plaques for more personalized patient management in adult patients with cognitive impairment who are being evaluated for Alzheimer’s Disease (AD) and other causes of cognitive decline.
This investment will expand the company’s PET radiopharmaceutical manufacturing sites to nine (9) and the overall radiopharmacy (PET/SPECT) network to fifty-two (52) sites, solidly positioning Jubilant’s radiopharmacy network as the second largest in the US.
Harsher Singh, CEO, Jubilant Radiopharma business said, “This investment shall help us meet increasing demand of novel PET products from our customers. With a much stronger PET manufacturing network, we also expect to secure long-term contracts with leading PET radiopharmaceutical manufacturers. We remain committed to improve patient lives through nuclear medicine.”
About Jubilant Radiopharma
Jubilant Radiopharma, a division of Jubilant Pharma Ltd., is an industry-leading radiopharmaceutical business that comprises development, manufacturing and commercialization of products through its Radiopharmaceuticals business and distribution through its national network of Radiopharmacies and PET Radiopharmaceutical Manufacturing Facilities. The division’s Radiopharmacies business is the second largest radiopharmacy network in the US with 46 pharmacies distributing nuclear medicine products to the largest national Group Purchasing Organizations (GPOs), regional health systems, stand-alone imaging centers, cardiologists and hospitals. This business has over 30 years of experience in serving the US nuclear medicine community and its current geographical reach enables it to serve over four million patients yearly. Jubilant Radiopharma is focused on “Improving Lives through Nuclear Medicine” on a global scale. For more information, please visit www.jdiri.com.
Contacts
For further information, please contact:
Siddharth Agrawal
Phone: 215-669-8969
Email: Siddharth.Agrawal@jubl.com
Kathleen Milankow
Phone: 215-527-6051
Email: Kathleen.Milankow@jubl.com