Genzyme sells Pharmaceuticals Business ICIG

Genzyme sells Pharmaceuticals Business to ICIG

3:45 PM, 8th June 2011
Genzyme sells Pharmaceuticals Business to ICIG

CAMBRIDGE, US: Genzyme Corporation has completed the sale of its pharmaceutical intermediates business to International Chemical Investors Group (ICIG). The ICIG purchased substantially all of the pharmaceutical intermediates business, excluding the drug delivery technologies portion. The acquired business has been renamed Corden Pharma Switzerland LLC and will operate as part of ICIG’s pharmaceutical business within the Corden Pharma group platform of companies. Financial terms of the deal were not disclosed.

 

As part of the agreement, Corden Pharma entered into a supply contract to provide Genzyme with materials needed for the production of eliglustat tartrate, an investigational treatment for Gaucher disease type 1 that is currently in phase 3 clinical trials. ICIG will also supply materials needed for the manufacture of other treatments, including neo-GAA, currently in preclinical development as a potential next-generation Pompe disease therapy. With this sale, Genzyme has completed the three divestitures announced last year as part of its effort to sharpen its focus on core businesses. In January the company completed the sale of its diagnostic products business, and in December it completed the sale of its genetic testing business.

© WOC News

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Dow to pay down $1.5 billion in debt

MIDLAND, US: The Dow Chemical Company recently said that it is launching a cash tender offer for approximately $ 750 million aggregate principal amo ...

Read more
Dow Chemicals earnings top estimates on chemicals, plastics

NEW YORK, US: Dow Chemical Co, the largest US chemical maker, posted fourth-quarter earnings that rose more than analysts estimated amid increasing ...

Read more
Dow and Davy license technology to Chinese company

  MIDLAND, US/LONDON, UK/SHANDONG, CHINA: Davy Process Technology Limited (DPT) and The Dow Chemical Company’s (Dow) Oxygenated Solvents ...

Read more
Total sells Gassled stake to Silex Gas Norway AS

  PARIS, FRANCE: Total agreed with Silex Gas Norway AS, a wholly owned subsidiary of Allianz, to sell its entire stake in Gassled (6.4 per cent) ...

Read more
Rhodia invests in the production of cyclopentanone at its France facility

LYON, FRANCE: Rhodia invests in its cyclopentanone production unit, a move confirming its leading position in the fragrance markets. This major invest ...

Read more
Dow to boost ethylene, propylene capacity in US

Dow announced plans to fully integrate and grow North American performance businesses with shale gas liquids.   MIDLAND, US: The Dow ...

Read more