Terrel & Squib is the shadowy bioresearch corporation behind development of the pigment drug and possibly several other nefarious ghost-related technologies, including "ghost-shot" ammunition and the strange black cages capable of imprisoning spirits. They formed and operated NextWorld Enterprises as a means of generating revenue and testing their designs in the field.
Shipping billionaire Lamont Christensen is one of T&S's chief stockholders and business partners. Investigations into Christensen's personal files revealed the existence of a secret T&S laboratory operating in the mountains of Bolivia, where pigment was manufactured and refined. Orpheus Agents eventually traveled to this laboratory and destroyed it, crippling T&S's ability to produce more pigment and effectively ending the pigment trade in the City for the forseeable future.