Avara Pharmaceutical Services, a world-class contract development and manufacturing organization (CDMO), today announced that it has closed on the transaction with Sandoz to acquire the largest sterile manufacturing facility for injectable medicines in Canada, as part of a continuing expansion of its global footprint.
| NORWALK, Conn., /PRNewswire/ -- Avara Pharmaceutical Services, a world-class contract development and manufacturing organization (CDMO), today announced that it has closed on the transaction with Sandoz to acquire the largest sterile manufacturing facility for injectable medicines in Canada, as part of a continuing expansion of its global footprint. “This acquisition represents an important addition to the Avara portfolio and further expands our sterile processing capability, which is in very high demand,” said Timothy C. Tyson, Avara’s Chairman and Chief Executive Officer. “It comes with a market leading development capability and a dedicated team of experts that will support us in delivering high-quality pharmaceuticals that meet or exceed customer expectations and regulatory requirements. We are excited to transition this Sandoz world class center of excellence into a world class center of excellence for the contract development manufacturing market.” The proposed acquisition of the sterile manufacturing facility and the adjacent development center located in Boucherville, Quebec, became effective as of September 1st. It follows Avara’s acquisition of another sterile facility in the past year, one from Pfizer Inc. in Liscate, Italy, and one solid dose manufacturing facility from GlaxoSmithKline in Aiken, South Carolina. It will bring the number of manufacturing and development sites operated by Avara worldwide to ten: two in Canada; three in the United States, including corporate headquarters; one in Puerto Rico; one in the UK; one in Ireland; one in Italy; and one in France. The Boucherville site is the biggest injectables production facility in Canada and provides a number of strategic and lifesaving medicines to the Canadian healthcare system, mostly hospitals. As part of the asset purchase agreement, the parties signed a long-term supply contract to guarantee continuous supply of products manufactured in Boucherville. No impact on jobs will occur and Avara intends to invest in the site and pursue business development opportunities to optimize the plant’s utilization and expand its customer base. “We look forward to a seamless transition for employees, patients, customers, partners and other stakeholders,” added Mr. Tyson. “We are impressed by the know-how at the Boucherville plant and Sandoz Development Center team and intend to leverage their expertise to develop new opportunities in the contract pharmaceutical market, in Canada and on a global basis.” About Avara CONTACT: Guy Tiene, (+1) 212-366-4455 View original content with multimedia:http://www.prnewswire.com/news-releases/avara-pharmaceutical-services-finalizes-acquisition-of-major-sterile-manufacturing-facility-and-development-center-in-canada-300708280.html SOURCE Avara Pharmaceutical Services, Inc. |
