A drug discovery company has extended its lease at a business estate for another decade.

Peakdale Molecular will be based at Discovery Park, Sandwich, for another 10 years, having already been based there for six, originally during Pfizer's ownership of the site.

It was one of the original companies when the site was reopened as a business hub, after Pfizer’s decision to reduce its presence there.

The firm, which is part of the Concept Life Sciences group, runs a laboratory at the site with capacity for up to 50 chemists.

Peakdale’s chief operating officer Dr Paul Doyle said: “Discovery Park is one of Europe’s leading science and technology parks and home to a host of international companies.

“The park is a vibrant hub of activity and offers the opportunity to share, engage and connect with other science based organisations; something we find incredibly valuable..." - Dr Paul Doyle, Peakdale Molecular

“The park is a vibrant hub of activity and offers the opportunity to share, engage and connect with other science based organisations; something we find incredibly valuable.

“Since the acquisition by Concept Life Sciences we have undergone a period of change which is set to transform into accelerated growth throughout 2016 and onwards.

“Securing a further 10-year tenancy at Discovery Park is testament to this growth period and indicates our ongoing commitment to our passionate and dedicated workforce.”

In addition to the Sandwich site, the company’s headquarters is located in the Peak District.

Discovery Park managing director Paul Barber said: “Peakdale Molecular has been present at Discovery Park since its launch in 2012.

“It was one of just five companies at the start and there are now over 125 businesses.

“I am delighted that they have remained committed to Discovery Park and the facilities it offers.”