CorePharma to reopen under new ownership following Impax sale

31-Jan-2018 - Last updated on 31-Jan-2018 at 16:28 GMT

(Image: Getty/Ridofranz)

Impax Laboratories has sold its CorePharma facilities and equipment to a group of industry investors which aim to reestablish the company as a "preferred partner of choice," says new CEO.

Impax Laboratories, Inc. acquired Tower Holdings, Inc, which included operating subsidiaries CorePharma LLC and Amedra Pharmaceuticals LLC, in March 2015.

CorePharma’s Middlesex, NJ-based headquarters feature two manufacturing and packaging facilities totaling approximately 60,000 square feet. Both facilities are FDA and DEA registered and are able to manufacture and package more than one billion dosage units per year.

As part of the acquisition, Arpit Patel has been appointed as the Chief Executive Officer (CEO) of CorePharma, LLC. He will also become a member of the board of directors.

Patel was the head of quality assurance and compliance at Aurobindo Pharma USA's manufacturing division, Aurolife Pharma, LLC .

In his new role, he will also become a member of CorePharma’s board of directors.

Dr. Vithal Dhaduk, a CorePharma founder, has been appointed as president and chairman of the board.

Patel told us the goal is to "reestablish CorePharma as a preferred partner of choice for the development and manufacturing of high quality branded and generic pharmaceuticals."

The next step is to rebuild the CorePharma team, which previously included more than 300, and ensure the facilities are operational within the first quarter of 2018, he said.

"We are actively working on a number of contract development and manufacturing collaborations with several leading pharmaceutical companies," Patel explained.

"Under the new ownership and management team at CorePharma, we remain committed to delivering the greatest value to our customers in the form of reliable service and high quality pharmaceutical products."

Financial terms of the acquisition were not disclosed.