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news.PharmEng International said that its subsidiary, Keata Pharma has completed its agreement with Pfizer Canada to acquire Pfizer's manufacturing facility in Arnprior, Ontario, including inventory.
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Under the agreement, Keata has agreed to employ substantially all of the workforce of approximately 175 people at the 85,000 sq. ft. facility, including 38 acres of land, all manufacturing equipment and inventory. Inventories acquired include raw materials, packaging components and work in progress.
Keata has also entered into a supply agreement with Pfizer for the exclusive manufacture of certain Pfizer products for Canada at the Arnprior facility for a period of three years. Keata will also manufacture products from the Arnprior location for two other major pharmaceutical clients with multi-year supply contracts, becoming a world supplier to more than 30 countries.
The aggregate revenues of these multi-year supply contracts is estimated by PharmEng to be CAD$75 million.