A deal to sell Pfizer's active pharmaceutical ingredient manufacturing (API) plant in County Cork, Ireland, has fallen through according to a statement by the US drug giant, placing over 180 production jobs under threat. While the identity of the buyer had not been established, the rumour mill has been grinding out a number of names, including those of some large contract manufacturing organisations (CMOs).
The facility was earmarked for sale under
Pfizer's company-wide restructuring plans that were announced in 2007. Prior to the collapse of the deal Pfizer had said that the Little Island plant and its sister site in Loughbeg, which has a staff of 300, will close if they are not been successfully divested by the end of 2009.
Pfizer spokeswoman Tara Delany said in an interview that: "
Over the past year we have actively pursued potential buyers for our facility in Little Island Cork, heavily marketing the site in difficult market conditions. Such activities include site visits by interested companies and entering the due diligence process with a particular firm."
Delany could not divulge either the name of the firm that had dropped out of the deal or any of the specific motivations for its decision for reasons of confidentiality, but was able to say that the interested party had decided not to proceed further, on the basis
"that the facility does not meet the requirements of its future business plans."
Subscribe via RSS
