Impax Laboratories agrees to divest manufacturing facility in Taiwan to Bora Pharmaceuticals.
M2 PHARMA-December 21, 2017-Impax Laboratories agrees to divest manufacturing facility in Taiwan to Bora Pharmaceuticals
(C)2017 M2 COMMUNICATIONS
United States-based Impax Laboratories has agreed to divest its manufacturing facility in Taiwan (Impax Taiwan) to Taiwan-based Bora Pharmaceuticals, it was reported yesterday.
This sale supports Impax's operational and cost improvement plans to streamline operations and decrease costs.
According to the terms of the agreement, Bora will purchase all of Impax Taiwan's issued share capital and certain loans outstanding between Impax and Impax Taiwan for a total purchase price of USD18.5m. As a result of the sale, Impax expects to record a pre-tax impairment charge of around USD70.0 to USD80.0m in the fourth quarter of 2017. Also, Bora will have the rights to market and sell Impax's branded Parkinson's drug, Rytary (approved as Numient outside the US), in Taiwan. The deal should be finalised in the first quarter of 2018, subject to customary closing conditions.
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|Date:||Dec 21, 2017|
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