Portuguese contract manufacturer Hovione has purchased Pfizer's Cork, Ireland facility for an undisclosed sum. Pfizer has been trying to find a buyer for the site--which manufactures intermediates for a Lipitor active pharmaceutical ingredient--for almost two years. In August, 180 jobs were cut from the site.
Hovione Cork will employ 70-80 of the current 230-person staff and will be transferring products from its Loures, Portugal site and validating processes for new compounds in expectation of drug approval. Hovione will continue to provide manufacturing services for Pfizer. The sell-off is part of Pfizer's efforts to streamline its business and outsource certain activities where it can.
- here's Hovione's release
- read this report for more