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Teva Pharmaceutical Industries has signed an agreement to sell its Sellersville, Pennsylvania facility to G&W Laboratories, Inc. This sale supports its plans to streamline operations by reducing excess manufacturing capacity and is part of the Company’s previously announced cost reduction programme.
The sale includes all buildings, land, and equipment located at the site. Under the terms of the agreement, G&W will manufacture and supply products to Teva from the site until production of these products is transferred to other sites in Teva’s network. Additionally, G&W will offer employment to all employees located at Sellersville.
The transaction includes the sale to G&W of approximately 25 products from the Teva portfolio, which will be manufactured and sold by G&W in the US under the G&W label. Further, the transaction includes the grant to G&W of exclusive rights to sell up to two additional Teva products in the US under G&W’s label, which Teva will continue to manufacture at its Zagreb, Croatia facility. The transaction is expected to close in March or April 2015, after the appropriate regulatory review and the satisfaction of certain closing conditions.
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