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news.Inyx has completed its near-$20 million acquisition of certain assets and business of Aventis Pharmaceuticals Puerto Rico Inc from Aventis Pharmaceuticals, a member of the Sanofi-Aventis Group.
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The approximate $19.7 million acquisition price was financed through non-dilutive, asset-based funding provided by Westernbank Business Credit Division of Westernbank Puerto Rico.
The operations in Manati, Puerto Rico consist of a high-calibre pharmaceuticals development and production center that provides Inyx with a base in the US to complement its present UK facilities. Inyx also gains favorable tax incentives from the move.
“This acquisition is truly a ‘transforming event’ for Inyx,” said Dr Jack Kachkar, chairman and CEO of Inyx. “We have acquired materially valuable assets and several significant new business contracts and strategic new customers and partnering relationships.”
The Manati complex consists of five buildings totaling about 140,000 square feet and extends over 9.5 acres, located in north central Puerto Rico about 30 miles outside of San Juan. The operations in Puerto Rico are under Inyx’s newly formed, wholly owned subsidiary, Inyx USA Ltd.