Adams Respiratory Therapeutics
This article was originally published in The Tan Sheet
Executive SummaryAdams has entered into a definitive agreement with Cardinal Health to repurchase the manufacturing assets and operations in Fort Worth, Tex., for $28 mil. and will take ownership of the facility July 31, the company announces July 27. Cardinal originally purchased the site - which houses manufacturing facilities for Mucinex and Humibid - from Adams in 2004, a decision that was "absolutely the right decision for our company at the time," according to Adams CEO Michael Valentino. Now two years later with marketing and advertising for the Mucinex line more fully developed, it is "imperative" for Adams to make manufacturing another one of its core competencies, Valentino says. With the purchase, Adams will take on 270 new Texas-based employees, as well as a one-time pre-tax charge of $8 mil.-$10 mil. in the first quarter of fiscal 2007, which ends Sept. 30. Adams will make a $24 mil. cash payment upon the July 31 closing date and make the remaining cash payments during fiscal year 2007...
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Pipeline Watch is a weekly snapshot of selected late-stage clinical trial events and approvals announced by pharmaceutical and biotech companies at medical and industry conferences, in financial and company presentations, and in company releases and statements.