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news.Patheon has entered into a definitive agreement to sell its Niagara-Burlington commercial manufacturing business to Pharmetics. The purchase price for the business is $5.75 million plus working capital, subject to closing adjustments.
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Under the agreement, Pharmetics will acquire the assets, including equipment, facilities and land, at Patheon’s facilities in Fort Erie and Burlington in Ontario. Pharmetics will provide employment to the entire active workforce of about 250 commercial manufacturing employees at the two sites and subject to assignment of third-party contracts, will continue to manufacture and supply all of the products currently manufactured at these sites.
The transaction is expected to be completed on or about January 31, 2008, subject to closing conditions, including regulatory approvals and the assignment of client and other contracts.
Ephriam Kandelshein, co-president of Pharmetics, said: “These sites will provide Pharmetics with conveniently located, high- quality capacity and expertise with which to expand our business and serve our growing client base.”