Teva Canada and Halo Pharmaceutical have announced that they have completed the sale of Teva's Mirabel (Montreal, Quebec) manufacturing facility to Halo Pharmaceutical, a contract development and manufacturing organization (CDMO). The closing took place July, 31, 2012.
Under the terms of the sale, Teva Canada and Halo have established manufacturing agreements.
Until the end of 2012, Halo will continue to manufacture all products currently produced at the Mirabel site, during which time certain of these products will be transferred to Teva's Stouffville facility.
In the long term, production of selected Teva Canada products will remain at the site. All existing Teva Canada employees will remain throughout the balance of 2012.
In addition, the five year manufacturing agreements also assure the employment of at least 152 employees. Securing supplemental production capacity through the Mirabel site enables Teva Canada to continue to strengthen its drug supply to the Canadian market, ensuring maximum production capacity at other Teva manufacturing sites.
"Successfully concluding this sale and securing the right partner in Halo is a positive outcome for the dedicated employees at Mirabel", said Barry Fishman, President & CEO, Teva Canada Limited.
Fishman continued, "The new contract manufacturing relationship will assist us in maintaining a consistent supply of pharmaceuticals to patients that rely on our products."
"Completing this acquisition is a strategically important event for Halo," stated Clive Bennett, President and CEO, Halo Pharmaceutical. "We look forward to building our pharmaceutical development business in Mirabel, and to expanding the amount of commercial manufacturing conducted at the site."
Halo has acquired Teva Canada's manufacturing facility and related equipment located in Mirabel (Montreal, Quebec).
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.
"This platform in Mirabel gives us immediate export potential into the European Union, and provides new dosage forms and specialized R&D services for our clients", said Mohd Asif, CFO, Halo Pharmaceutical.