Thermo Fisher to Buy Ireland API Plant From GlaxoSmithKline

Date : 05/16/2019 @ 11:40AM
Source : Dow Jones News
Stock : Glaxosmithkline Plc (GSK)
Quote : 1615.4  27.0 (1.70%) @ 1:34PM
Glaxosmithkline share price Chart

Thermo Fisher to Buy Ireland API Plant From GlaxoSmithKline

Thermo Electron (NYSE:TMO)
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By Colin Kellaher

 

Thermo Fisher Scientific Inc. (TMO) Thursday said it agreed to buy a drug-substance manufacturing site in Cork, Ireland, from U.K. drug maker GlaxoSmithKline PLC (GSK) for about 90 million euros ($101 million) in cash.

The Waltham, Mass., company said the acquisition expands its development and commercial capabilities for active pharmaceutical ingredients, also known as APIs.

Thermo Fisher said the Cork site, which has more than 400 employees, produces highly specialized APIs for diseases such as childhood cancer, depression and Parkinson's.

Thermo Fisher, which expects to complete the acquisition by the end of the year, said it will continue to produce APIs for Glaxo under a multi-year supply agreement, adding that it will also use the site for other customers.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

May 16, 2019 06:25 ET (10:25 GMT)

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