Akrimax averts closure of New York plant
Akrimax Pharmaceuticals has averted the closure of one of the largest private employers in the New York county by buying the business.
Akrimax Pharmaceuticals has averted the closure of one of the largest private employers in the New York county by buying the business.
The acquisition of Wyeth's Rouses Point plant, which supports almost 800 manufacturing jobs, will help Akrimax generate additional business through contract manufacturing agreements with third parties.
"Our plan is to develop, manufacture and distribute pharmaceutical products from our own product portfolio and other third-part contracts," said Akrimax co-founder Joseph Krivulka.
As part of the agreement, Akrimax will lease the facility back to Wyeth, in a move that will allow Wyeth to continue manufacturing its products. Akrimax will also begin integrating its own products into the facility. Purchase of the site is set to conclude by the end of 2009.
In late 2005, Wyeth, announced operations at the plant there would be phased out due to changes in product demand and an assessment of its manufacturing network.
David Champagne, managing director for Wyeth at Rouses Point, said: "Over the past two years, Wyeth's goal was to actively identify a buyer for the site who would continue pharmaceutical manufacturing to maximize the facility's resources and take advantage of the region's strong workforce. We will partner closely with Akrimax on a transition plan that prepares their organization to take over operations of the site in late 2009."
The sale does not include the Chemical Development pilot plant adjacent to the manufacturing site, where Wyeth employs approximately 90 people. Wyeth plans to continue operations at the Chemical Development pilot plant.