UK-based drug R&D firm Arcinova to expand capabilities
Alnwick-based research and development company, Arc Trinova Ltd, trading as Arcinova, recently received approval for funding from the UK’s Rural Growth Network Fund. The company is a global provider of research and development services to the pharmaceutical industry.
The £60,000 grant funding awarded from the Rural Growth Network Fund will supplement substantial capital investment from the company, developing an additional revenue stream to complement their existing capabilities.
A suite of drug development activities will be offered from the site in Alnwick and the project will include the construction of a 20L active pharmaceutical ingredient (API) manufacturing plant, creating at least four new graduate level jobs.
In September 2015, the renowned pharmaceutical site, home to American owned Covance, was proposed for closure. Arcinova, a new company formed by Ian Shott and Paul Ryan, owners of Shott Trinova LLP, announced the successful acquisition of the Covance site in February last year.
The Arch Business team identified the opportunity for rural growth funding via their regular Strategic Account Management meetings with local companies and encouraged Arcinova to apply as they looked to develop their Alnwick site, adding to Northumberland’s life science and pharmaceutical sector.
The UK’s North East Rural Growth Network is designed to support small rural businesses with capital investment projects.
In 2015, the Rural Growth Network secured £6m capital investment from the North East Local Enterprise Partnership’s (North East LEP’s) Local Growth Fund. This investment will support businesses in the rural areas of Durham, Gateshead and Northumberland until 2020.
