Adams Respiratory Therapeutics
This article was originally published in The Tan Sheet
Executive Summary
Adams 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...
You may also be interested in...
Prestige Expands UK Eye Care Range In Response To Consumer Demand
A “great consumer response” to TheraTears in the UK leads Prestige Consumer Healthcare to add TheraTears 5-in-1 Irritation and Redness eye drops to the range.
Who’s Hired? Hikma Recruits New US Generics President
A flurry of top level recruitments made headlines in the past weeks, with the likes of Hikma, Lupin, and Viatris announcing new hires while focusing on their targets for the year.
Organon And Henlius Complete Phase III For Denosumab
Having earlier this year reported positive Phase I data for their partnered denosumab biosimilar candidate, Organon and Shanghai Henlius Biotech have now announced that their HLX14 version has met primary endpoints in a Phase III study.