Generic drug maker Teva Canada is selling its Mirabel, Que. manufacturing plant to Halo Pharmaceutical, a contract manufacturer.
TORONTO: Generic drug maker Teva Canada is selling its Mirabel, Que. manufacturing plant to Halo Pharmaceutical, a contract manufacturer.
Financial terms were not available, but 150 employees will continue to work at the plant where Halo plans to grow its commercial contract manufacturing business and product development activities.
“With the acquisition of this state-of-the art facility, Halo’s market reach will expand to Europe in addition to the US and Canadian markets,” said Mohd Asif, CFO of Halo Pharmaceutical, based in Whippany, NJ. “Furthermore, Halo will be able to offer new distribution capabilities to its customers as well as unique R&D services.”
Teva said the sale, to close on June 30, is subject to Competition Bureau approval, the conclusion of manufacturing agreements between Teva Canada and Halo and receipt of manufacturing permits.
Teva Canada, the Toronto-based division of generic drug maker Teva Pharmaceutical Industries Ltd., has more than 1,700 employees.