Selkirk Pharma raises $24M in seed funding
Spokane-based startup has plans for two more West Plains facilitiesOctober 26th, 2023
Selkirk Pharma Inc., the Spokane-based manufacturer of injectable drug products, raised $24.1 million in seed funding from undisclosed investors on Sept. 6, according to data from PitchBook, a proprietary market data software subscription platform.
That funding puts the company’s pre-money valuation at over $375 million, according to PitchBook data.
Representatives from Selkirk Pharma didn’t respond to multiple requests for comment.
Founded in 2018, the pharmaceutical startup has a 147,700-square-foot manufacturing facility at 9119 W. Granite, on the West Plains, north of the Northwest Farm Credit Services headquarters. The facility is the first of three standalone manufacturing plants the company plans to build at its campus, the Journal reported last year.
In 2021, Selkirk Pharma purchased over 10 acres of land adjacent to its first facility, expanding the campus to over 27 acres total.
According to a 2021 announcement on Selkirk Pharma’s website, all three facilities “will incorporate industry-leading technology, including isolator-based filling systems and electronic batch records.”
Once completed, the Selkirk Pharma campus is expected to employ about 750 scientists, engineers, and operations personnel, the announcement says.
Selkirk Pharma is one of several companies in the area that have turned Spokane into a hub for sterile therapeutics. Others include Jubilant HollisterStier, ALK Source Materials, and Silgan Unicep.
Expansion projects are underway at Jubilant HollisterStier, the Journal previously reported.
The pharmaceutical manufacturing and packaging company’s projects include construction of a 50,000-square-foot facility that will house the plant’s third high-speed injectable fill line, as well as the addition of a fourth line that will double its injectable filling production capacity by 2025.The two projects are valued at a combined total of $285 million.