PuraCap Purchases Blu Caribe Pharmaceutical
PuraCap, a pharmaceutical company dedicated to developing soft gelatin capsules, concluded the purchase transaction of the Blu Caribe pharmaceutical company, located in the municipality of Dorado. The amount of the transaction was not revealed.
Dahai Guo, CEO of PuraCap, said “acquiring Blu Caribe in Puerto Rico is a major growth step for the manufacture of solid oral dosage forms in the United States, which also complements our plant in China.”
Blu Caribe began its operations in 2010 after acquiring Biovial Laboratories, where 135 people worked at that time. In 2011, the company invested $4 million and committed to creating 120 additional jobs in exchange for $7.5 million in financing from the Economic Development Bank for Puerto Rico and a special electricity rate from the Puerto Rico Electric Power Authority, with an 11% discount. At that time, the company had sales averaging $3 million per month.