Teva sells Sellersville, PA facility to G&W Laboratories
Deal is part of the Israeli company's cost reduction programme
Teva Pharmaceutical Industries has agreed to sell its Sellersville, Pennsylvania facility to G&W Laboratories.
The company said the move supports plans to streamline operations by reducing excess manufacturing capacity and is part of the Israeli company's cost reduction programme.
No financial terms were revealed. The sale includes all buildings, land, and equipment located at the site.
It also includes 25 Teva products that will now be manufactured and sold by G&W in the US. G&W receives exclusive rights to sell up to two additional Teva products in the US under G&W's label, which Teva will continue to manufacture at its Zagreb, Croatia facility.
The transaction is expected to close in March or April 2015, after the appropriate regulatory review and the satisfaction of certain closing conditions.
'Teva is managing its operations to create greater efficiencies and position the company for long-term growth and success,' said Carlo de Notaristefani, President and CEO of Teva Global Operations.
Aaron Greenblatt, Executive Vice President and Chief Commercial Officer of G&W Laboratories, added: 'The acquisition of the Sellersville facility and products strengthens our long-term relationship with Teva, and fits with our strategy of acquiring platforms from which we can grow the business and expand our product and dosage offering.'
The Sellersville site currently produces generic drugs with a portfolio of more than 50 products manufactured as solid dose forms (tablets and capsules), liquids, creams and ointments.