An investment group has acquired pharmaceutical manufacturing firm CorePharma LLC from Impax Laboratories Inc., it announced this week.
Financial terms of the deal for Middlesex-based CorePharma were not disclosed. The deal halted Impax’s planned closure of the company and its manufacturing and packaging facility.
Effective at the close of the deal, Arpit Patel has been named CEO and a director of CorePharma, while co-founder Vithal Dhaduk has been named chairman of the board and president.
“We’re very excited to acquire CorePharma,” Patel said in a prepared statement. “It provides us with a strong and reputable manufacturing infrastructure and an ideal location with headquarters in Middlesex. The CorePharma team, under Impax ownership, has done a fantastic job at their Middlesex facility. 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 had employed more than 300 workers before Impax began the closure process, the new owners said.
“We anticipate to be fully operational before the end of the first fiscal quarter of 2018,” Patel said. “Our immediate goal is to rebuild the CorePharma team and re-establish 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.”