MIDDLESEX, N.J., Jan. 30, 2018 /PRNewswire/ -- A group of
industry investors has announced the acquisition of CorePharma,
LLC, its facilities and equipment in Middlesex, NJ from Impax Laboratories, Inc
(NASDAQ: IPXL). 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.
CorePharma Contact
Arpit Patel
Phone: (732) 983–6025
Email: arpit@corepharma.com
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SOURCE CorePharma, LLC