Pegasus LaboratoriesSearch company, a veterinary pharmaceutical manufacturer and subsidiary of PBI-Gordon Companies, celebrated the grand opening of its expanded manufacturing facility in Pensacola, Florida. The 172,000 square foot facility represents the first phase of a comprehensive $45 million expansion project designed to meet growing demand for veterinary pharmaceuticals used to treat chronic conditions in pets.
The expansion significantly increases Pegasus LaboratoriesSearch company' manufacturing capacity while providing state-of-the-art laboratory spaces to enhance the company's ability to produce high-quality veterinary products. According to Steve Clifford, CEO of Pegasus Laboratories, the facility improvements serve dual purposes: "enhances our capabilities so we can do more and a wider range of things, but it also enhances our capacity so we can do more volume of whatever we do today."
The company has invested over $7 million in capital expenditures toward the project so far, with the full three-phase development requiring up to $45 million to reach completion. The facility will enable continued research and development efforts to drive innovation and create additional opportunities in the veterinary pharmaceutical sector.
The expansion will create nearly 70 new jobs, including highly skilled positions across manufacturing, quality control, research and development, and management. Clifford estimated the company has already hired between 50 to 60 new employees, with more positions to be filled as the facility build-out continues.
In its initial projections, Pegasus LaboratoriesSearch company planned to create 63 new life-sciences manufacturing jobs paying an average of $61,204 annually. However, company leadership now expects to double that figure, partly due to the recent acquisition of TriviumVetSearch company. "With them, I think in the five to six years we're gonna double again," Clifford explained, citing the combination of organic growth, pipeline investments, and workforce development.
The expansion was made possible through collaboration with the FloridaWest Economic Development AllianceSearch company and a $2.5 million grant from Triumph Gulf CoastSearch company to the Pensacola–Escambia Promotion and Development CommissionSearch company (PEDCSearch company) in 2022. Triumph Gulf Coast, the organization responsible for distributing the $1.5 billion BP oil spill settlement for economic development projects, supported the acquisition of the facility formerly occupied by Hitachi CableSearch company.
David Bear, President of the FloridaWest board of directors, emphasized the strategic importance of the investment: "The funding of this renovated facility is an example of how targeted public investment can drive meaningful economic impact. We are thrilled to see Pegasus LaboratoriesSearch company continue to grow in Pensacola, creating valuable, high-skilled jobs in the life sciences sector."