A group of industry investors has announced the acquisition of CorePharma, its facilities and equipment in Middlesex from rom Impax Laboratories.
Henceforth, this ownership group will have 100% equity interest in CorePharma, LLC.
Financial terms of the acquisition were not disclosed. The acquisition does not include any pending or approved Abbreviated New Drug Applications (ANDAs) or currently marketed products.
Effective immediately upon closing of the deal, Arpit Patel has been appointed as the Chief Executive Officer of CorePharma, LLC and will also become a member of the Board of Directors of CorePharma. Dr. Vithal Dhaduk, one of the original founders of CorePharma has been appointed as President and Chairman of the Board of Directors of CorePharma.
"We are very excited to acquire CorePharma. It provides us with a strong and reputable manufacturing infrastructure and an ideal location with headquarters in Middlesex, NJ. The CorePharma team, under Impax ownership, has done a fantastic job at their Middlesex facility," Patel elaborated.
"This was evident from their stellar regulatory compliance track record. We are looking forward to building upon their past successes and remain committed to being a trusted, reliable and respectable partner of choice for manufacturing high-quality generic and branded pharmaceuticals."
CorePharma's headquarters in Middlesex house two fully capable state-of-the-art manufacturing and packaging facilities totaling approximately 60,000 square feet.
They are both FDA and DEA registered and have a wide range of capabilities in the Oral Solid Dosage space with the ability to manufacture and package over one billion dosage units per year. Prior to the announced closure by Impax, which was preempted by the new ownership group, these facilities employed over 300 individuals.
"We anticipate to be fully operational before the end of the first fiscal quarter of 2018. Our immediate goal is to rebuild the CorePharma team and reestablish production volume by strengthening contract manufacturing collaborations. We will also focus on creating a sustainable business model that aligns with our long-term growth strategies for CorePharma," Patel explained.