TORONTO, March 28, 2012 /PRNewswire/ - Teva Canada announced today that it has finalized an agreement under which Halo Pharmaceutical, a contract manufacturing organization (CMO), will acquire Teva's Mirabel (Quebec) manufacturing facility. The transaction is subject to approval by the Competition Bureau, successful negotiation of manufacturing agreements between Teva Canada and Halo and receipt of manufacturing permits from various authorities. The closing of this transaction is currently scheduled for June 30, 2012.
"We are extremely pleased that our continued efforts to secure a buyer have been successful, not only for Teva, but most importantly for our dedicated Mirabel employees, Canadian consumers and the province of Quebec", said Barry Fishman, President & CEO of Teva Canada Limited. "We believe Halo Pharmaceutical is a highly qualified contract manufacturer who will maintain a manufacturing presence in Quebec."
"Halo Pharmaceutical is delighted to become a supplier of quality products to Teva Canada", observed Clive Bennett, President and CEO, Halo Pharmaceutical. "Through this strategically important acquisition we gain a pool of skilled people with wide ranging experience, the opportunity to provide continuing employment to many present employees and to grow our global business."
Through Teva's sale to Halo, approximately 150 employees will continue to be employed at Mirabel. Halo plans to grow commercial contract manufacturing, and product development through the Mirabel facility, helping to sustain local employment in an important pharmaceutical segment. While the Mirabel plant will continue to support many products for the Canadian market, this addition to Halo's manufacturing network will also allow production to be exported outside of Canada.
"With the acquisition of this state-of-the art facility, Halo's market reach will expand to Europe in addition to the US and Canadian markets", added Mohd Asif, CFO, Halo Pharmaceutical. "Furthermore, Halo will be able to offer new distribution capabilities to its customers as well as unique R&D services."
About Teva Canada Limited
Teva Canada Limited headquartered in Toronto, Canada, has provided affordable healthcare solutions for over 45 years, with more than 210,0001 prescriptions filled with our products every day. Originally Novopharm Limited, Teva Canada specializes in the development, production and marketing of high-quality generic prescription pharmaceuticals and through our branded division, Teva Canada Innovation, focuses on a diverse line of innovative products in a variety of therapeutic areas. Teva Canada employs over 1,700 people, markets over 250 products in Canada and is a division of Teva Pharmaceutical Industries Ltd., the world's largest generic drug maker. For more information, visit: www.tevacanada.com
About Halo Pharmaceutical
Halo Pharmaceutical is a privately held company headquartered in the New Jersey pharmaceutical corridor, and is a significant provider of drug development and commercial manufacturing services to the pharmaceutical industry. The company provides the highest quality products and services to some of the world's leading pharmaceutical and biotechnology companies.
The development services of Halo cover the entire development cycle from preclinical to clinical trial materials to registration including project management, pre-formulation, formulation, analytical development, clinical manufacturing, scale-up and validation at commercial scale. Commercial manufacturing covers post approval commercial launch of new and established molecular entities through late product life cycle strategies.
A wide range of dosage forms and technologies is supported both in development and in commercial manufacturing.
Teva's Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competing generic equivalents, the extent to which we may obtain U.S. market exclusivity for certain of our new generic products and regulatory changes that may prevent us from utilizing exclusivity periods, potential liability for sales of generic products prior to a final resolution of outstanding patent litigation, including that relating to the generic version of Protonix(R), the extent to which any manufacturing or quality control problems damage our reputation for high quality production, the effects of competition on sales of our innovative products, especially Copaxone(R) (including potential generic and oral competition for Copaxone(R)), the impact of continuing consolidation of our distributors and customers, our ability to identify, consummate and successfully integrate acquisitions (including the acquisition of Cephalon), interruptions in our supply chain or problems with our information technology systems that adversely affect our complex manufacturing processes, intense competition in our specialty pharmaceutical businesses, any failures to comply with the complex Medicare and Medicaid reporting and payment obligations, our exposure to currency fluctuations and restrictions as well as credit risks, the effects of reforms in healthcare regulation, adverse effects of political or economical instability, major hostilities or acts of terrorism on our significant worldwide operations, increased government scrutiny in both the U.S. and Europe of our agreements with brand companies, dependence on the effectiveness of our patents and other protections for innovative products, our ability to achieve expected results through our innovative R&D efforts, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, uncertainties surrounding the legislative and regulatory pathway for the registration and approval of biotechnology-based products, potentially significant impairments of intangible assets and goodwill, potential increases in tax liabilities resulting from challenges to our intercompany arrangements, our potential exposure to product liability claims to the extent not covered by insurance, the termination or expiration of governmental programs or tax benefits, current economic conditions, any failure to retain key personnel or to attract additional executive and managerial talent, environmental risks and other factors that are discussed in our Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission.
1Source: IMS Compuscript MAT February 2012
SOURCE Teva Canada Limited