Teva Canada has announced 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.
Fishman continued, "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.
Bennett continued. "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."