Historical Stock Chart
3 Months : From Apr 2019 to Jul 2019
WALTHAM, Mass., May 16, 2019 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced today that it has entered into a definitive agreement to acquire a drug substance manufacturing site in Cork, Ireland, from GlaxoSmithKline plc (NYSE: GSK) for approximately €90 million in cash. The Cork site will expand capacity to meet customer demand for the development and commercial manufacturing of complex active pharmaceutical ingredients (APIs).
With more than 400 employees, the site produces highly specialized APIs for treating diseases including childhood cancer, depression and Parkinson's. Thermo Fisher will continue to produce APIs for GSK under a multi-year supply agreement and plans to expand use of the site to develop and produce complex APIs for other customers as well. The site contains 270 cubic meters of reactor capacity, 10 production buildings, an R&D pilot plant and lab infrastructure to support process development, scale-up and physical characterization of APIs.
"The GSK Cork site will enhance our API offering by expanding our development and commercial capabilities to provide much-needed capacity for APIs currently in development," said Michel Lagarde, senior vice president and president of Pharma Services for Thermo Fisher Scientific. "This transaction is another great example of our strategy to build on our strong foundation by adding capacity and capabilities to our pharma services offering through a combination of capital investments and M&A."
This announcement follows the recently completed acquisition of Brammer Bio, a leader in viral vector manufacturing for gene and cell therapies. Thermo Fisher is also investing $150 million to expand its sterile fill-finish sites in Monza and Ferentino, Italy, and Greenville, North Carolina, and plans to complete the previously announced $50 million expansion of its St. Louis, Missouri, biologics facility later this year.
The GSK transaction, which is expected to be completed by the end of 2019, is subject to customary closing conditions, including regulatory approvals. Upon completion, the site will become part of Thermo Fisher's Pharma Services business within its Laboratory Products and Services Segment.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with revenues of more than $24 billion and approximately 70,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands – Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services – we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive services. For more information, please visit www.thermofisher.com.
Media Contact Information:
Investor Contact Information:
View original content:http://www.prnewswire.com/news-releases/thermo-fisher-scientific-to-acquire-manufacturing-site-in-cork-ireland-from-gsk-300851226.html
SOURCE Thermo Fisher Scientific