Novasep to Sell its Bahamian Plant to Local Investor
Novasep has announced that it has completed the sale of the Bahamian facility and related business of its fully-owned subsidiary, Pharmachem Technologies (Grand Bahama) Ltd (Pharmachem), to a local investor.
This facility produces a single product that is nearing the end of its life cycle and does not afford long-term viability for the site. Furthermore, the manufacturing capabilities of this facility did not support Novasep’s core strategy, which aims to position Novasep as a global supplier of contract manufacturing services for the life sciences’ molecules, based on a network of multipurpose synthesis facilities and differentiating technologies.
In this context, the group has sold the facility together with its business to a local investor who is focused on sustaining activity in the plant and maintaining local employment.
Commenting on this announcement, Michel Spagnol, chairman and CEO of Novasep said: “The divesture of Pharmachem is part of Novasep’s strategy to refocus on our core business and assets and to provide flexible and cost effective CMO services to the life sciences industry. I am glad to say that the divesture of this plant to a local investor is positive for both parties and Pharmachem’s employees.”