07 January 2010 11:55 [Source: ICIS news]
LONDON (ICIS news)--Evonik Industries completed its acquisition of US pharmaceutical company Eli Lilly's Tippecanoe Laboratories manufacturing facility in Lafayette, Indiana, on 1 January 2010 for an undisclosed price, the Germany-based diversified specialty chemicals major said on Thursday.
In addition to the purchase, which Evonik said would strengthen its exclusive synthesis business in the US and add capacity for additional market growth, the company it set to enter into a multi-year supplier agreement with Eli Lilly for active pharmaceutical ingredients and intermediates.
Evonik agreed to acquire Tippecanoe Laboratories in October 2009. At the time, Evonik CEO Klaus Engel said that the pharmaceutical market was attractive, economically stable and produced growth rates near the double-digit range every year.
Eli Lilly had considered shutting Tippecanoe before Evonik agreed to acquire the site, which in turn has preserved the jobs of the facility's 650 employees.
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