Lifecore Expands CDMO Business, Becomes Supplier Of Choice For Leading Injectable Drug

Lifecore Biomedical, Inc. (NASDAQ:LFCR) ("Lifecore"), a fully integrated contract development and manufacturing organization ("CDMO"), today announced that it has signed an agreement with a leading global pharmaceutical company. Under the terms of the agreement, Lifecore will transfer the commercial manufacturing for a leading injectable pharmaceutical product from the current manufacturer to Lifecore's facilities. Upon completion of the transfer and satisfaction of all regulatory requirements, Lifecore will be the commercial supplier of choice for the product. This is the second agreement that Lifecore has signed with the same multinational organization in recent months, highlighting the company's growing reputation for technical excellence, quality, and reliability in sterile injectables.

"This commercial site transfer is a significant accomplishment in our ongoing growth strategy as we work to expand our CDMO business and build long-term partnerships with leading global pharmaceutical companies. Importantly, this product will broaden our commercial customer base while also allowing us to increase our capacity utilization and expand into new modalities," said Paul Josephs, chief executive officer of Lifecore. "We are thrilled to win this business, and believe that our proven regulatory track record and technical expertise in fill-finish operations were key determinants in our selection as the supplier of choice for this program."

In additional business development news, Lifecore also announced the signing of a separate agreement with an early-stage biotechnology company to provide pre-clinical formulation development services. This new customer addition continues to grow the company's early-stage program pipeline, addressing another one of Lifecore's three growth strategies.