A New Jersey-based pharma company is exploring the possibility of turning a former pharmacy into a research center and testing site for a new drug.
The company, called Bakers Pharma, is a spinoff of the New Jersey Department of Health, which is the agency that oversees the state’s drug delivery system.
It plans to spend about $2.5 million on the facility, including $300,000 in state money.
The state Department of Financial and Professional Regulation (DFPR) approved the plan last year to convert a former Bakers pharmacy to a research and development (R&D) facility.
It was expected to be complete in two years, but a state inspection has been delayed due to concerns about safety and quality.
The state’s pharmacy commission, the Board of Pharmacy, is expected to approve the deal soon, according to the agency.
The plan is expected be finalized by the end of March, when the state pharmacy commission will hold a meeting to finalize the deal.
The plans would be funded with $500,000 from the state and $150,000 for the research and test site, according the company’s website.
Bakers Pharma is the third drug development company to enter the R&D market in the U.S., joining Sanofi and Amgen.
It says it plans to develop a drug called Epipen, a generic version of its own Epipirone drug.