Par Pharmaceutical announces divestiture of FineTech
US-based Par Pharmaceutical Companies has announced the divestiture of Israeli company FineTech Laboratories, effective 31 December 2005.
US-based Par Pharmaceutical Companies has announced the divestiture of Israeli company FineTech Laboratories, effective 31 December 2005.
Located in Haifa, FineTech was acquired by Par in 2002, and employs 42 people at its research and development facility. FineTech develops and utilises highly complex synthetic chemical processes to design and develop active ingredients used in the production of finished products for the pharmaceutical industry.
FineTech has been transferred to Dr Arie L. Gutman, president and ceo of FineTech. In connection with this transaction, Dr Gutman has resigned from Par's board of directors, on which he has served since 2002.
As an independent entity, FineTech will be better positioned to fulfil its original mission of providing r&d services and complex active pharmaceutical ingredients to customers in the pharmaceutical industry. Par will continue to collaborate with FineTech on specific projects and, through a supply agreement, FineTech will continue to provide Par with certain active pharmaceutical ingredients.