Pharmaceutical Resources recently acquired International Specialty Products (ISP) FineTech unit for $32 million. Pharmaceutical Resources said it financed the acquisition with cash on hand and that it doesn't expect the acquisition to have a material effect on its 2002 earnings, said a press release.
The announcement came after Pharmaceutical Resources ended its attempt to acquire the unit back in March. Pharmaceutical Resources had said it was in talks over a possible three million break-up fee after International Specialty ended the deal saying Pharmaceutical Resources hadn't proceeded with the acquisition "in a timely manner."
FineTech, based in Haifa, Israel makes synthetic chemical processes used in the production of organic compounds for the pharmaceutical industry.
Pharmaceutical Resources said FineTech, which posted 2001 revenue of about six million dollars, will operate as an independent unit. Pharmaceutical Resources acquired FineTech's facilities, intellectual property and patents, and about 40 employees.
Pharmaceutical Resources transffered a portion of FineTech's personnel and technological resources to a laboratory facility in Rhode Island . The remaining assets in Israel are valued at less than two million dollars, the company said. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
