As part of the expansion, the company is expecting to construct new facility for hormone development, clinical trial manufacturing and commercial manufacturing operations besides adding around 25 employees.
The expansion work is expected to begin in May 2013 and complete by fourth quarter of 2013.
CoreRx president and CEO Todd Daviau said, "We envision Clearwater as a center of excellence for the development and manufacture of pharmaceutical products, optimally organized to support our client’s never-ending and growing pipeline of investigational medicines and potential new medicines."
Approximately 40,000ft² additional manufacturing and office space will be added with the acquisition of Myerlake II site.
Construction in the buildings across from the current 35,000ft² facility in the ICOT center campus will accommodate three additional suites for process development and clinical manufacturing of investigational medicines.
In July 2012, the company completed construction of Myerlake I site in such a way to accommodate future expansion, according to the company.