Australian healthcare company Stirling Products has negotiated a conditional agreement to acquire a 4,310m2 pharmaceutical manufacturing facility in Canada.
The sale is subject to final approval through the Canadian Courts. Finalisation is expected this month.
The nearly new, fully equipped and licensed pharmaceutical facility was in the hands of an administrator for a Canadian listed company affected by the global financial crisis.
The site includes pharmaceutical manufacturing, a laboratory and offices, technical support, plus packaging and warehousing.
"This sale will complete another key strategic milestone in the global positioning of the company as well as give us total control over a number of its unique products," said Peter Boonen, managing director of Stirling Products, which is based in Sydney.