BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Galen Holdings PLC (GALN) Announces Acquisition Of Pfizer Inc. (PFE) Manufacturing Facility In Puerto Rico


10/19/2005 5:11:11 PM

CRAIGAVON, Northern Ireland, and ROCKAWAY, N.J., May 4 /PRNewswire-FirstCall/ -- Galen Holdings PLC ("Galen") , today announced that Warner Chilcott Company, Inc., its wholly-owned subsidiary, has agreed to purchase a manufacturing facility located in Fajardo, Puerto Rico from Pfizer Inc. ("Pfizer") for a cash consideration. The approximately 270,000 square foot facility currently manufactures a range of products, including certain products that Galen purchased from Pfizer in 2003.

Under the terms of a transitional supply agreement, Galen will continue to manufacture products on behalf of Pfizer until such time as they are transferred to other facilities. Galen also intends to transfer to the plant a number of products currently being manufactured by third parties on its behalf as well as new products that are currently under development.

Commenting on the news, Galen CEO Roger Boissonneault said, "This is an excellent strategic move for the company as it will reduce our reliance on third parties for the manufacture of existing products, and accelerate our ability to develop, scale-up and validate new products. We are especially pleased to welcome to our company the more than 300 highly skilled and experienced colleagues employed at the Fajardo facility. Hormone-containing products such as contraceptives require specialised, dedicated facilities, and it is rare to have the opportunity to acquire a facility of this quality along with an exceedingly qualified work force. Fajardo will now become our primary site for oral dose products while we will continue to manufacture vaginal ring products in our facility in Larne, Northern Ireland."

Galen is a specialty pharmaceutical company focused on two core therapeutic areas: women's healthcare and dermatology. Since the acquisition of Warner Chilcott PLC in September 2000, through the implementation of our business strategy, we have successfully transformed the business into a specialty pharmaceutical company principally focused on the women's healthcare and dermatology markets in the United States.

For further information on Galen, please visit http://www.galenplc.com/. Note:

Forward looking statements in this report, including, without limitation, statements relating to Galen's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Galen to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These factors include, among others, the following: Galen's ability to manage its growth, government regulation affecting the development, manufacture, marketing and sale of pharmaceutical products, customer acceptance of new products, competitive factors in the industries in which Galen operates, the loss of key senior management or scientific staff, exchange rate fluctuations, general economic and business conditions, and other factors described in filings of Galen with the SEC. Galen undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Galen Holdings PLC

CONTACT: David Kelly, Sr. Vice President, Finance and Planning of GalenHoldings PLC, +44-28-38363634; or Financial enquiries, Francetta Carr ofFinancial Dynamics, +44-207-831-3113



Read at Reuters
Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES