Novartis Gains OK to Buy Back Its Former Canadian Sterile Manufacturing PlantBy
Novartis has announced that the Superior Court of Quebec has granted Sandoz Canada the right to buy back its former sterile-manufacturing facility in Boucherville, Quebec, Canada. The site has been under receivership, and as an interim measure, the Court granted Sandoz Canada the right to buy back the site to maintain continued operations.
In May 2018, Avara Pharmaceutical Services, a contract development and manufacturing organization, agreed to acquire Novartis’ sterile manufacturing facility in Boucherville. The acquisition included the Novartis Technical Operations’ sterile manufacturing facility and the adjacent Sandoz Development Center located on the Sandoz Canada campus in Boucherville, Quebec.
The transaction for the buy-back will be concluded with the receiver within a few months, according to Novartis. Novartis says Sandoz Canada will bring stable operations management back to the site as it continues to work on producing Sandoz injectable medicines. Novartis says it is considering the possibility of selling the site in the future to a qualified buyer in order to ensure its long-term sustainability.