Cook Group said today that it completed the sale of Cook Pharmica to Catalent (NYSE:CTLT).
Catalent announced last month that it planned to dish out $950 million to buy the biologics contract manufacturer. The newly-acquired company will be called Catalent Bloomington, according to Cook Group.
“Today is an important one for the employees of Cook Pharmica who are now part of Catalent’s growing biologics business,” Pete Yonkman, president of Cook Group and Cook Medical, said in prepared remarks. “It’s also an important day for Bloomington as we officially welcome a third major life sciences company to the area. We’re excited for Catalent to be part of the growing life sciences hub in Bloomington.”
In connection with the acquisition, Catalent said today that it plans to reorganize its operations, creating a business unit focused on biologics and specialty drug delivery, as well as moving the remainder of its drug delivery solutions business into a newly-created oral drug delivery business unit.
“The establishment of these focused business units reflects the rapid growth we are seeing across key markets, particularly for biologics and differentiated dosage forms,” Catalent chairman & CEO John Chiminski said in a prepared statement. “We have an exciting strategic plan to accelerate our portfolio of capabilities, as evidenced by the recent growth investments we have made, including multi-million-dollar site expansions and the newly completed acquisition of Cook Pharmica.”
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