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Enzo Biochem to Acquire New Facility for Manufacturing and Distribution to Advance Its Diagnostic and Therapeutic Growth Strategy
Aug. 27, 2018 08:50AM PST
Biotech InvestingEnzo Biochem (NYSE:ENZ), an integrated diagnostic and therapeutics company, announced that, as part of implementing its growth strategy, it has entered into an agreement to purchase a commercial facility with nearly 36,000 square feet in Farmingdale, NY. As quoted in the press release: In connection with the acquisition of the new facility, the Company has …
Enzo Biochem (NYSE:ENZ), an integrated diagnostic and therapeutics company, announced that, as part of implementing its growth strategy, it has entered into an agreement to purchase a commercial facility with nearly 36,000 square feet in Farmingdale, NY.
As quoted in the press release:
In connection with the acquisition of the new facility, the Company has Town of Babylon Industrial Development Agency (IDA) commitments that will provide Enzo with significant multi-year tax abatements and additional incentives with respect to its entire Farmingdale campus.
The purchase of the facility for $6.0 million extends Enzo’s Farmingdale, NY campus to nearly 101,000 square feet, complementing the Company’s existing sites in Michigan, Switzerland, France and Belgium. It will provide Good Manufacturing Practices (GMP) and ISO compliant manufacturing and logistics space for Enzo’s diagnostics and life science products business. Moreover, the new facility will enhance space for GMP production of the Company’s development-stage clinical candidates, including Enzo’s proprietary sphingosine kinase 1 inhibitor, SK1-I, which is being investigated for potential applications in oncology and autoimmune diseases.