Per the agreement, Sandoz will maintain its operations associated with the CordenPharma Group – the pharma platform of ICIG.
The acquisition comes on the heels of Sandoz’s decision to discontinue intermediates production for 7-ACA antibiotics for external customers in May 2015.
According to ICIG’s release, this initiated “a dual track process preparing the site for a sale and securing its customer base, while alternatively considering a shutdown of its operation at the Industriepark Höchst.”
"The site represents an important building block for further expansion into fermentation-based production technology for ICIG and CordenPharma,” comments Ernesto Petroselli, President of CordenPharma.
The acquisition will position CordenPharma as one of the major suppliers of 7-ACA to customers worldwide. Additionally, CordenPharma will use the material in-house for its antibiotics value chain located in Latina, Italy.
“The new site will expand CordenPharma’s operations, growing its enzymes-based manufacturing portfolio and dedicated antibiotics technology platform and will add state-of-the-art capabilities in microbial fermentation and enzymatic reactions to WeylChem’s extensive non-GMP production capabilities as well,” said Dr. Achim Riemann, ICIG Managing Director.
“With the newly acquired plant at the Höchst site, ICIG further increases its footprint in the Frankfurt Rhine-Main area.” added Patrick Schnitzer, ICIG Managing Director. “We are focused on the continuation and further development of the business, as we have successfully demonstrated in many other transactions.”
The transaction is expected to close on April 1, 2016.