14 October 2009 15:36 [Source: ICIS news]
LONDON (ICIS news)--Evonik Industries has agreed to acquire US pharmaceutical company Eli Lilly's Tippecanoe Laboratories manufacturing facility in ?xml:namespace>
Evonik said it would fully integrate the plant, which makes active ingredients (API) and precursor materials for the pharmaceutical industry, into its global production and marketing network to meet growing demands from the pharmaceutical industry and to boost its global synthesis business.
“The pharmaceutical market is attractive, economically stable, and produces growth rates near the double-digit range every year,” said CEO Klaus Engel.
In addition to the acquisition of the site, which was expected to close by the end of the year pending approvals from regulatory agencies, Evonik and Lilly will enter into a multi-year supplier agreement for active pharmaceutical ingredients and intermediates.
“We will be producing ingredients for Lilly and other pharmaceutical companies in accordance with the exacting Good Manufacturing Practices (GMP) quality standards," said Hans Josef Ritzert, the head of Evonik’s exclusive synthesis & amino acids business line.To discuss issues facing the chemical industry visit ICIS connect
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