Business

Bill Gates foundation to provice Almac with $1m

L-R: Almac scientists Fernando Tur Espinosa, Stefan Mix and Gareth Brown, who will be conducting the novel work funded by the Bill & Melinda Gates Foundation
L-R: Almac scientists Fernando Tur Espinosa, Stefan Mix and Gareth Brown, who will be conducting the novel work funded by the Bill & Melinda Gates Foundation L-R: Almac scientists Fernando Tur Espinosa, Stefan Mix and Gareth Brown, who will be conducting the novel work funded by the Bill & Melinda Gates Foundation

IRISH pharmaceutical group Almac has been awarded $1 million (£0.76m) by the charitable foundation set up by Microsoft founder Bill Gates.

The funding for the Craigavon company is part of efforts to cut the cost of drug ingredients for the third world.

The programme will seek to massive cut the cost of Etonorgestrel active pharmaceutical ingredients (APIs), a highly potent material that costs around $200 per kg. Almac is seeking to cut that cost to around $5 per kg.

The project is headed by Almac’s Dr Stefan Mix, who will lead a team of three dedicated scientists. If successful, the team will grow in size over the next two years.

The project will commence in January 2020 with the initial phase expected to last for at least three months.