LONDON (Alliance News) - Thermo Fisher Scientific Inc on Thursday announced a definitive agreement to acquire a drug substance manufacturing site in Cork, Ireland, from GlaxoSmithKline PLC for approximately EUR90 million in cash.
The Cork site has more than 400 employees and produces highly specialized active pharmaceutical ingredients or APIs for treating diseases including childhood cancer, depression and Parkinson's.
The site contains 270 cubic meters of reactor capacity, 10 production buildings, a research and development pilot plant, and lab infrastructure.
Thermo Fisher, a biotechnology product development company, said the site will expand capacity to meet customer demand for the development and commercial manufacturing of complex APIs. The company will also continue to produce APIs for Glaxo under a multi-year supply agreement.
The Glaxo transaction is expected to be completed by the end of 2019. The deal is subject to customary closing conditions, including regulatory approvals.
Upon completion, the site will become part of Thermo Fisher's Pharma Services business within its Laboratory Products and Services Segment.
Shares in Glaxo were up 0.1% at 1,535.31 pence on Thursday.
Glaxosmithkline (GSK)