Teva Canada has finalized an agreement under which Halo Pharmaceutical, a contract manufacturing organization based in Whippany, N.J., will acquire Teva's manufacturing facility in Mirabel, Quebec.

The transaction is subject to approval by the Competition Bureau, successful negotiation of manufacturing agreements between Teva Canada and Halo and receipt of manufacturing permits from various authorities. The closing of this transaction is currently scheduled for June 30, 2012.

"We are extremely pleased that our continued efforts to secure a buyer have been successful, not only for Teva, but most importantly for our dedicated Mirabel employees, Canadian consumers and the province of Quebec," said Barry Fishman, president and CEO, Teva Canada.

Through Teva's sale to Halo, approximately 150 employees will continue to be employed at the Mirabel facility.  Halo plans to grow commercial contract manufacturing and product development through the Mirabel facility, helping sustain local employment in the pharmaceutical segment. 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.

"With the acquisition of this state-of-the art facility, Halo's market reach will expand to Europe in addition to the U.S. and Canadian markets,” added Mohd Asif, CFO, Halo Pharmaceutical. "Furthermore, Halo will be able to offer new distribution capabilities to its customers as well as unique R&D services."