Teva Canada completes sale of Mirabel facility to Halo Pharmaceutical
Teva Canada, a healthcare solutions provider, has completed the sale of its Mirabel manufacturing facility in Montreal to Halo Pharmaceutical, a contract development and manufacturing organization (CDMO) based in Parsippany, N.J.
Until the end of 2012, Halo will continue to manufacture all products currently produced at the Mirabel site, during which time certain of these products will be transferred to Teva's Stouffville facility. In the long term, production of selected Teva Canada products will remain at the site. All existing Teva Canada employees will remain throughout the balance of 2012. In addition, the five year manufacturing agreements also assure the employment of at least 152 employees. Securing supplemental production capacity through the Mirabel site enables Teva Canada to continue to strengthen its drug supply to the Canadian market, ensuring maximum production capacity at other Teva manufacturing sites.
"Successfully concluding this sale and securing the right partner in Halo is a positive outcome for the dedicated employees at Mirabel,” said Barry Fishman, president and CEO, of Teva Canada. “The new contract manufacturing relationship will assist us in maintaining a consistent supply of pharmaceuticals to patients that rely on our products.”
Halo has acquired Teva Canada's state-of-the-art manufacturing facility and related equipment. While the Mirabel plant will continue to support many products for the Canadian market, this addition to Halo's manufacturing network will also allow production to be exported outside of Canada.
"This platform in Mirabel gives us immediate export potential into the European Union, and provides new dosage forms and specialized R&D services for our clients", said Mohd Asif, CFO, Halo Pharmaceutical.