CDMO CorePharma Under New OwnershipBy
A group of industry investors has acquired CorePharma, a Middlesex, New Jersey-headquartered specialty generic pharmaceutical developer and manufacturer, including its facilities and equipment from Impax Laboratories, a Hayward, California-based specialty pharmaceutical company focused on controlled-release and specialty generics. Henceforth, this ownership group will have 100% equity interest in CorePharma.
Financial terms of the acquisition were not disclosed. The acquisition does not include any pending or approved abbreviated new drug applications or currently marketed products. Effective immediately upon closing of the deal, Arpit Patel has been appointed as the chief executive officer (CEO) of CorePharma, and will also become a member of the board of directors of CorePharma. Dr. Vithal Dhaduk, one of the original founders of CorePharma, has been appointed as president and chairman of the board of directors of CorePharma.
CorePharma’s headquarters house two manufacturing and packaging facilities totaling approximately 60,000 square feet. They are both US Food and Drug Administration- and Drug Enforcement Administration-registered and have a range of capabilities in the oral solid dosage space with the ability to manufacture and package over one billion dosage units per year, according to CorePharma. Prior to the announced closure by Impax, which was preempted by the new ownership group, these facilities employed over 300 individuals. CorePharma excepts to be fully operational before the end of the first fiscal quarter of 2018. CEO Patel says its immediate goal is to rebuild the CorePharma team and re-establish production volume by strengthening contract manufacturing collaborations. It will also focus on creating a sustainable business model that aligns with its long-term growth strategies.
Impax acquired CorePharma with its 2015 acquisition of Tower Holdings, which included operating subsidiaries CorePharma LLC and Amedra Pharmaceuticals LLC.