Celltech selling Armstrong to Andrx
Celltech Group of the UK has announced that it is to sell its ArmstrongPharmaceuticals unit to Andrx Corp of the USA for $18 million in cash, in a deal which Celltech says completes its extensive program to divest non-core businesses implemented by the group following the merger with Medeva in January 2000. Since Celltech's mergers with Medeva and Chiroscience, it has divested six businesses, realizing proceeds in excess of L140 million ($206.6 million).
Armstrong manufactures pharmaceutical aerosols, most notably metered-dose inhalers, and holds an Abbreviated New Drug Application for Albuterol MDI. Andrx' chief executive, Alan Cohen, noted that his firm has various intranasal and inhalation products in development, and will now be able to provide the manufacturing capability necessary to bring them to market.
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