US Plows $354m Into Phlow
Start-Up Is Awarded Contract To Manufacture Essential Medicines In US
US start-up Phlow has been awarded federal government funding of $354m as part of a contract to manufacture essential medicines in the US amid the COVID-19 pandemic, in partnership with AMPAC Fine Chemicals and Civica Rx.
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While the AAM is lobbying for a renewed focus on domestic drug production amid fresh concerns about the globalization of the US pharmaceutical drug supply chain, the association has urged US Congress to have confidence in FDA oversight, insisting that “the US has one of the safest drug supply chains in the world.”
Private Company Edition: Atea and Phlow receive big money for big COVID-19 problems – treatments and manufacturing capacity. Also, Cowen raises a $493m fund and antifungal developer Amplyx increases series C round to $90m, among other recent VC deals.
In an attempt to strengthen the US generic drug supply chain and reduce dependence on certain countries for supply, the AAM has proposed a policy framework “blueprint” that requires government purchasing commitments in exchange for industry manufacturing expansion.