NOVOPHARM LIMITED ACQUIRES GRANUTEC INC.
TORONTO, July 6 /PRNewswire/ -- Novopharm Limited has completed the acquisition of its first U.S. based manufacturing facility, Granutec Inc. The agreement, signed on July 1, 1993 with Roussel Uclaf, leaves the current senior management at Granutec intact. While the terms of the agreement were not disclosed, Leslie Dan, chairman and CEO of Novopharm, notes that Granutec employees are extremely pleased with the overall plans. Granutec Inc. is a manufacturer of private label, over-the-counter (OTC) pharmaceuticals, with reported sales in 1992 of US$32 million and 1993 projections of more than US$40 million. The company has manufacturing facilities in Wilson, N.C., and packaging and distribution facilities in Largo, Fla. Plans are already under way for a major addition to the Wilson, N.C., facility and construction could start as early as October of this year. The expansion will result in the creation of between 50 and 75 new jobs as well as an investment of US$15 million. "The goal is to see the Wilson facility handling not only the manufacturing of Granutec's OTC products, but also the manufacturing of Novopharm's generic pharmaceuticals for sale in the United States in the newly constructed Novopharm plant," said Dan. The Wilson facility could begin manufacturing generic pharmaceuticals for Novopharm as early as 1994, pending approval by the Food and Drug Administration (FDA) for a site transfer. Novopharm Ltd. is a privately owned Canadian-based manufacturer of generic pharmaceuticals. Novopharm has held the number one position in terms of prescriptions dispensed for over 5 years running. The Novopharm group of companies is comprised of four divisions: Novopharm Ltd., a generic manufacturer with distribution across Canada, the United States, through Novopharm USA, in Europe, Central America, the Pacific Rim, and the Middle East; private label division consisting of Stanley Pharmaceuticals, Vancouver, B.C. and Granutec Inc., Wilson, N.C.; Novopharm Biotech, engaged in innovative research in the field of cancer treatment; and Eldan Pharmaceuticals, an innovative pharmaceutical company introducing new pharmaceuticals through licensing agreements. -0- 7/06/93 /CONTACT: Andrea Dan, communications officer of Novopharm Ltd., 416-291-8876 or fax, 416-291-2162/
CO: Novopharm Limited; Granutec Inc. ST: Ontario, North Carolina, Florida IN: MTC SU: TNM
MP -- NY029 -- 8591 07/06/93 11:41 EDT
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|Date:||Jul 6, 1993|
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