Thermo Fisher Scientific has agreed a deal to buy a manufacturing plant in Cork from GlaxoSmithKline (GSK) for € 90 million in cash.
The sale sees the ownership of the site, including all facilities, business operations and about 400 employees transferring to Thermo Fisher.
“We believe that this acquisition offers the Cork site a more sustainable future and our very talented workers,” said Mike Sullivan, GSK Cork's site director.
“Due to strategic changes in GSK's portfolio and the pipeline that became apparent, the Cork site had been significantly underused and it became apparent that it was no longer a competitive fit within the t GSK manufacturing network. As well as providing immediate assurance, we also believe that the sale will leave the site well placed for future growth and development, ”he added.
Thermo Fisher Scientific said the facility will enable it to expand customer demand for the development and manufacture of complex pharmaceutical ingredients (APIs) for the treatment of conditions such as cancer, depression and Parkinson's.
In operation since 1975, the manufacturing site currently produces active ingredients for nine GSK medicines.
Thermo Fisher Scientific, a leading contract development and manufacturing organization for the pharmaceutical industry, said it will continue to produce APIs for GSK under a multi-year supply agreement. It also intends to supply similar products to other companies as well.
The site includes 270 cubic meters of reactor capacity, 10 production buildings, pilot infrastructure and research and development laboratory work to support process development, moderation and physical characterization of APIs.
“We look forward to welcoming GSK Cork workers to the science of Thermo Fisher,” said Patrick Glaser, president of the drug substance business within the group's pharmaceutical services business.
“We share a commitment to developing medicines that improve the lives of patients and their families. Becoming part of Thermo Fisher will ensure a bright future for the employees who have contributed so much to GSK's success over the years, ”he added.
Thermo Fisher employs around 70,000 employees worldwide and has an annual revenue of over $ 24 billion.
A subsidiary of Fisher Scientific, a supplier of laboratory equipment, laboratory chemicals and laboratory safety products used in scientific research, has a facility in Ballycoolen, Dublin 15.
GSK employs around 1,700 people in Cork, Dungarvan, Dublin and Sligo. Last year, it announced plans to close its plant in Sligo by 2021, losing 165 jobs.