Tyne and Wear Development Company has helped to secure a £17M investment package that will create or safeguard jobs in key sectors across Tyne and Wear and the wider region.

Five businesses across Tyneside and Northumberland will benefit from Regional Growth Fund (RGF) investment after Tyne   and Wear Development Company worked closely with Northumberland County Council to develop a package of business support to secure RGF backing.

Over 180 jobs will now be created or safeguarded by the companies, including Shasun Pharma Solutions.  The multimillion pound project will lead to the creation of up to 29 new jobs at the company’s Dudley site in North Tyneside.

Shasun conducts contract research and manufacturing for many of the world’s leading drug companies. In conjunction with one of those clients it plans to develop and manufacture a pioneering new pharmaceutical ingredient used in the treatment of Alzheimer’s disease.  John Wiper, site leader at Shasun said “This project will contribute to the development and production of a marketable API with efficacy against a disease which represents one of the biggest challenges facing the medical sector worldwide, the treatment of Alzheimer’s disease and age related dementia.”

Jim Malloy, strategic account manager at Tyne and Wear Development Company, said: “We are delighted that Tyne and Wear and Northumberland’s collaborative approach has been so successful in bringing much needed new job opportunities to the area.

“Both organisations have extensive experience in providing specialist business support and advice to local employers. Pooling our efforts in this way shows just how effective partnership working among local business support agencies can be and how the region can benefit from an integrated approach to economic development activities.”