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Quebec drug company to change hands

Published by Steve Coleman on March 29, 2012

A Quebec pharmaceutical company got a dose of good news March 28.

Teva Canada announced it has finalized an agreement with contract manufacturer Halo Pharmaceutical to acquire Teva's Mirabel manufacturing plant near Montreal.

The deal is still subject to approval by the Competition Bureau, negotiation manufacturing agreements between Teva Canada and Halo and the acquisition of manufacturing permits from other companies and government agencies.

The deal is tentatively scheduled for a June 30 conclusion.

"We are extremely pleased that our continued efforts to secure a buyer have been successful, not only for Teva, but most importantly for our dedicated Mirabel employees, Canadian consumers and the province of Quebec", said Barry Fishman, President & CEO of Teva Canada Limited in a news release. "We believe Halo Pharmaceutical is a highly qualified contract manufacturer who will maintain a manufacturing presence in Quebec."

Halo has also agreed to take on the 150 employees currently working for Teva. The acquisition means they'll continue working at the Mirabel plant.

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