Newly expanded manufacturing capacity includes both upstream and downstream CGMP manufacturing suites at California-headquartered Avid’s existing Myford facility, providing increased capacity for both existing and future mammalian cell business customers.
The addition of the capacity provided by the new manufacturing suites within the Myford facility has the potential to generate approximately an additional $100m in annual revenue, estimates the company. Production for a client is expected to begin this month.
In addition to the launch of the newly expanded Myford facility, Avid also announced the completion of its mammalian cell process development expansion, which has doubled the company’s total process development capacity. Now operational, these new capabilities have the potential to support up to an additional $25m in annual process development revenue.
“We are proud to unveil our completed expansions and excited to kick off the first customer project within our latest, state-of-the-art mammalian cell manufacturing suites,” said Nick Green, president and chief executive officer of Avid Bioservices.
“These build-outs involved great complexity and required exemplary efforts from our entire team. I would like to acknowledge the tremendous work from everyone who played a role in completing these significant projects on schedule.
“This launch could not be timed any better based on the significant demand we continue to see for our mammalian cell services, highlighted by significant new business wins and the largest backlog in the history of the company.”
Company sees highest demand ever
Now in its 30th year in biologics and 18th year of commercial manufacture, Avid Bioservices is on track to hit full fiscal year 2023 revenue of between $145m and $150m, the company reported in its Q3 results last month.
In the latest quarter, it signed $67m in new business, representing the strongest quarter in the company’s history outside of Covid-related business.
Avid’s remaining ongoing expansion effort involves the build-out of its new cell and gene therapy facility (CGT Facility) in Orange County, which will support early-stage development through commercial manufacturing.
The company has already launched analytical and process development capabilities at this viral vector facility and remains on track to launch the CGMP manufacturing suites by the end of the third quarter of calendar 2023.
Upon completion of the CGT Facility, the company estimates that its combined facilities will have the potential to bring its total revenue generating capacity to up to approximately $400m annually.