Nicholas Piramal to buy Pfizer UK facility
The UK subsidiary of Indian drugmaker Nicholas Piramal has signed an agreement to buy the manufacturing facility of global drugs giant Pfizer's plant at Morpeth in north east England on an asset purchase basis for an undisclosed sum.
The deal was to be be funded entirely through internal accounts, said Nicholas Piramal chairman Ajay Piramal. The firm would also use the facility to supply active pharmaceutical ingredients and finished dosages to some of the group's leading clients, he noted, adding the company had custom manufacturing ties with seven of the world's top 10 pharmaceutical enterprises.
Supply deal with Pfizer to late 2011
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