BASF site becomes new API player

Related tags Management Corporate governance Manufacturing

BASF says it has entered into a multi-million pound management
buyout deal for its specialist pharmaceutical ingredients
manufacturing business at Cramlington in Northumberland, UK.

The agreement created a new company, Aesica Pharmaceuticals, which will initially focus on the production of three products already manufactured at the site: the antidepressants paroxetine HCl anhydrate and dothiepin and a non-steroidal anti-inflammatory, flurbiprofen. Aesica came into being on 31 August.

Robert Hardy will act as managing director of Aesica, and the management team has been strengthened by the addition of new sales and marketing director Charles Dods and finance director Adam Sims.

Aesica, which takes its name from a Roman fort at Chesters on Hadrian'sWall, will now operate as a stand-alone business that will continue the production of bulk drugs for export to manufacturers worldwide. All of the 140 employees on site will be transferred to the new firm, said BASF.

The deal was funded by LDC, the private equity division of Lloyds TSBGroup, which has taken a significant majority stake in the business.

The site has recently seen significant investment including a new technical centre and expansion of existing manufacturing facilities. Aesica Pharmaceuticals Ltd will continue this investment with further expansion of the site's production facility.

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