Already one of the five largest genetic-material manufacturers of its type, Forge Biologics Inc. has landed an $80 million credit facility to speed buildout of its Grove City facility – where it now plans to grow to a total of 400 high-paying jobs.
MidCap Financial is backing the financing, which Forge will use to grow to a total of 20 biotech manufacturing suites through 2022, and add the industry’s largest equipment a year to 18 months faster than planned because of growing demand.
That way it can effectively grow with clients that have been researching therapies and taking them through clinical trials: Forge will be able to make batches of engineered genetic material large enough for the larger late-stage trials and commercial launch.
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Story excerpt provided by Columbus Inno.
Written by Carrie Ghose.
Originally published January 10, 2021.