Groupe Novasep to acquire PharmaChem Technologies

Groupe Novasep, of Nancy in France, is finalising discussions to acquire Bahamas-based PharmaChem Technologies for an undisclosed amount.

The deal combines Novasep's r&d capabilities and innovative technologies with PharmaChem's modern manufacturing facilities to create a leading global supplier to the life sciences industries.

PharmaChem's facility, based in Freeport, Bahamas, is a cGMP-compliant and FDA-inspected plant with strong growth potential. This modern facility currently manufactures the leading antiretroviral API for a major company committed to the treatment of HIV/AIDS worldwide.

Established in 1967 by Syntex Pharmaceuticals, the plant was acquired by the current owners in September 2003. It is located on a 62 acre site, of which 22 acres are currently developed, and has benefited over the years from several major upgrades making it a modern facility with an excellent cGMP history, with room for further expansion.

The Freeport location enables PharmaChem Technologies to easily supply its existing customers in the US, and with Freeport's own deep water transhipment container port and international airport, the ability to supply customers globally.

Once the transaction is complete both companies will continue to operate under their current entity names and management structure. In addition to his current responsibilities, Pietro Stefanutti, founder and president of PharmaChem, will assume the role of chairman of the board of the combined company while Roger-Marc Nicoud will remain as president and ceo of Groupe Novasep.

"This acquisition reinforces our position as a global supplier of active molecules produced in economical conditions," said Nicoud. "Groupe Novasep intends to continue developing PharmaChem's activities and to build synergies with our synthesis and process businesses."