Contract pharmaceutical company Patheon Inc. (TSX: PTI) is selling its global secondary clinical packaging and clinical distribution services business.
Buying the business for an undisclosed sum is Toronto-based Bellwyck Packaging Solutions, a private company with 20 years experience providing clinical trial and contract services for secondary packaging, Patheon said Wednesday.
James Mullen, Patheon's Chief Executive Officer said, "We are very happy to have reached an agreement with Bellwyck for this business," Patheon chief executive James Mullen said in a release announcing the sale.
"While we don't expect the terms of the transaction to have a material impact on our ongoing results, this transaction is part of our continued focus on our core competencies of solid-dose and parenteral development and manufacturing."
Parenteral refers to medicines that bypass the digestive tract, often administered either through intravenous or intramuscular injection.
"One of Bellwyck's core competencies is clinical packaging. We are confident that both the customers and our employees, about 20 of whom have joined Bellwyck, are in good hands," Mullen said.
Bellwyk CEO Jeff Sziklai said his company looks forward to an ongoing partnership with Patheon and anticipates a "seamless transition for customers and employees."
Patheon Inc. is a provider of contract development and manufacturing services to the global pharmaceutical industry. Headquartered in Triangle Park, N.C., the company operates manufacturing plants, nine development centres and one clinical trial packaging operation at locations in Canada, the United States and Europe.
Its secondary clinical packaging and clinical distribution services business is globally managed from its Burlington, Ont., facility, and includes an operating presence in Cincinnati, Ohio.