Caraco announces $14.5 million expansion
DETROIT Caraco Pharmaceuticals is beginning a $14.5 million expansion that will increase its production of generic drugs to 5 billion per year and create 600 new jobs over the next five years, according to the Detroit Free Press.
Caraco has 455 employees and produces 35 generic and private-label drugs for treatment of hypertension, arthritis, epilepsy, diabetes, depression, and other diseases. The 600 new jobs will be primarily at a 140,000-square-foot expansion of the company’s main complex in Detroit.
Sun Pharmaceuticals owns a majority of Caraco and with the recent announcement of the expansion; they will likely boost their stake even more by supplying drug formulas to Caraco in return for stock.