Avecia sells Pharmaceuticals business unit to Nicholas Piramal India Ltd.
10/31/2005 - Avecia announced that it
has signed a definitive agreement to sell its Pharmaceutical
custom synthesis business to Nicholas Piramal India
Ltd for GBP 9.5 million. The transaction, which will
fund the business' UK pension fund deficit of between
GBP 8 - 9 m, is subject to regulatory and other closing
conditions. In 2004, the business recorded sales of
GBP 36 millionThe sale includes all Avecia Pharmaceuticals'
assets and operations at its principal UK site in Huddersfield,
England, a large scale fermentation asset at Billingham,
England, a High Potency Substance (HPS) facility at
Grangemouth in Scotland and its North American operation
- Torcan Chemicals in Aurora, Canada. All 350 Avecia
Pharmaceuticals' employees are included in the transaction.
October 31, 2005