West moves East

Published: 12-Jan-2005

Sells drug delivery business to Warburg Pincus company


West Pharmaceutical Services, from Lionville, PA, US, a global market leader in closure systems and syringe components for use with injectable drugs, has signed a definitive agreement to sell a substantial majority interest in its drug delivery business to a new company formed by Warburg Pincus to facilitate the acquisition.

Closing is expected to occur early in 2005. Under the agreement, West will transfer substantially all of its technology-related drug delivery assets and receive $7.1m in cash and approximately 14% of the stock of the new company. In addition, West is entitled to earn up to $19m of contingent payments, based on royalties or other net profits earned by the new company from West's technologies. Warburg Pincus has agreed to provide $40m of new capital in two stages in order to finance the further development of products based on West's technologies.

The drug delivery business will operate from West's facility in Nottingham, England, and will employ all of the division's employees at that location. Drug delivery operations at West's US Lionville facility will wind down following the transaction. Approximately 30 jobs will be lost.

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