Thermo Fisher Scientific‘s (NYSE:TMO) said today that it inked a deal to acquire a Cork, Ireland-based drug substance manufacturing site from GlaxoSmithKline (NYSE:GSK) for approximately $100.6 million (EU €90 million).
Waltham, Mass.-based Thermo Fisher said that the acquisition of the new site will allow it to expand capacity and meet customer demand for both the development and commercial manufacturing of complex active pharmaceutical ingredients.
A total of 400 employees work at the site, which produces specialized APIs for treating disease including cancer, depression and Parkinsons’s the company said. Thermo Fisher will continue to produce APIs for GSK through a multi-year supply agreement, and said it plans to expand the site to serve other customers.
“The GSK Cork site will enhance our API offering by expanding our development and commercial capabilities to provide much-needed capacity for APIs currently in development. This transaction is another great example of our strategy to build on our strong foundation by adding capacity and capabilities to our pharma services offering through a combination of capital investments and M&A,” Thermo Fisher Scientific pharma services prez Michel Lagarde said in a press release.
The site acquisition deal is expected to be completed by the end of this year, Thermo Fisher Scientific said.
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