MBO at BASF's pharma API business
BASF's API operations at its site in Cramlington, UK, have been sold to a management buyout team.
BASF's API operations at its site in Cramlington, UK, have been sold to a management buyout team.
The divestiture of the site is part of ongoing efforts to optimise BASF's Pharma production structure and enable it to concentrate its contract manufacturing activities on its site in Minden, Germany. The business has a turnover of £335m and employs 140 people.
The newly founded company Aesica Pharmaceuticals is a stand-alone business and will continue the manufacture of the three products made on the site. These are two antidepressants (paroxetine HCl anhydrate and dothiepin) and a non-steroidal anti-inflammatory (flurbiprofen). All personnel on site will be transferred to the new owner.
'This is a great opportunity to build a global pharmaceutical company with roots in the north east of England,' said Aesica managing director Robert Hardy. 'Aesica is founded on the strong foundations of over 30 years of pharmaceutical manufacturing expertise and will continue to grow with continuing support from our committed workforce.'
The 90-acre Cramlington site was developed by Boots in the early 1980s with BASF acquiring the site in 1995. A new technical centre opened recently, bringing to the site a high specification r&d facility.