Pharmaceutics International Inc., a contract drug development and manufacturing firm in Hunt Valley, announced Tuesday that it has appointed Kurt R. Neilsen as its new president and CEO.
Nielsen succeeds Syed Abidi, founder of Pharmaceutics International, or Pii, as CEO. Abidi is now executive chairman and will serve in an advisory role.
Nielsen’s appointment “reflects a further commitment to growth, building upon Pii’s legacy of success,” Abidi said. “His diverse experiences, proven leadership and industry insights will be instrumental in achieving our strategic objectives.”
Neilsen most recently was president of Lupin Somerset, a New Jersey manufacturing plant for Lupin Ltd., the Mumbai, India-based drug maker whose U.S. headquarters are in Baltimore. Before that he was vice president, U.S. development, portfolio and launch management at Sandoz Inc.
Two years ago, Pii raised raised $93 million in equity and refinanced its debt. The private company said it would use the money to advance its drug-formulation capabilities, upgrade manufacturing and develop its pipeline of generic drugs.
“As we enter the 25th year of service to our valued partners,” Nielsen said in a statement, “Pii is well-positioned to outpace the growth of the [Contract Development and Manufacturing Organization] market with our depth and breadth of expertise in development and reliable supply of branded, specialty generic and [Over the Counter] products.”