OR WAIT null SECS
Teva announced that it would sell its Sellersville, Pennsylvania facility to G&W Laboratories.
Teva announced on March 2, 2015 that it is selling its Sellersville, PA, facility to G&W Laboratories as part of the company’s plans to streamline its operations and reduce excess manufacturing capacity and reduce costs.
The transaction includes all buildings, land, and equipment located at the site. G&W will manufacture products for Teva from the site until the production is transferred to over Teva facilities.
“Teva is managing its operations to create greater efficiencies and position the company for long-term growth and success. We have a qualified and dedicated team at Sellersville and are pleased that we were able to come to an agreement with G&W Laboratories that will enable them to continue working in their current community,” said Carlo de Notaristefani, president and CEO of Teva Global Operations, in a press release.
Under the agreement, Teva will sell 25 products from its portfolio to G&W. G&W will manufacture and sell these products in the US under the G&W label. The agreement also grants G&W the exclusive rights to sell up to two additional Teva products in the US under the G&W label, but will continue to be manufactured at Teva’s facility in Zagreb, Croatia.
“G&W is pleased to have reached an agreement with Teva to acquire the Sellersville facility; obtain rights to more than 25 products; and employ a highly dedicated and experienced work force. Under the agreement, G&W will provide a number of products to Teva that will continue to be manufactured at the acquired site,” said Dr. Aaron Greenblatt, executive vice president and chief commercial officer of G&W Laboratories, in a press release.