Companies also sign a five-year contract manufacturing agreement.
TORONTO—Teva Canada announced today it has completed the sale of its Mirabel manufacturing facility in Montreal to Halo Pharmaceutical, a contract development and manufacturing organization.
The two companies have also signed a five-year manufacturing agreement.
Under the terms of the sale, Halo will continue to manufacture all products currently produced at the Mirabel site until the end of 2012. Afterwards, production of certain products will be transferred to Teva’s Stouffville, Ont. facility but Teva Canada plans to keep manufacturing some of its offerings at the Mirabel site in the long-term.
Teva said securing supplemental production capacity at the Mirabel site will allow the company strengthen its drug supply to the Canadian market, ensuring maximum production capacity at other Teva manufacturing sites.
All existing Teva Canada employees will remain throughout the balance of 2012, and at least 152 employees will continue at the Mirabel site for the duration of the five-year manufacturing agreements.
“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 and CEO, Teva Canada Limited. “The new contract manufacturing relationship will assist us in maintaining a consistent supply of pharmaceuticals to patients that rely on our products.”
Halo Pharmaceutical’s President and CEO, Clive Bennett, said this acquisition was strategically important for the company, which is looking to building its pharmaceutical development business in Mirabel and expanding the amount of commercial manufacturing conducted at the site.
Along with the “state-of-the-art” manufacturing facility, Halo also acquired the related equipment located in Mirabel. Halo says the plant will continue to support many products for the Canadian market, and some production will 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 at Halo Pharmaceutical.