Stirling Products Acquires Pharma Manufacturing Facility In Cape Breton
Stirling Products (Stirling) has acquired a pharmaceutical manufacturing facility in Cape Breton, Canada, following an approval by the Ontario Superior Court of Justice and settlement.
Stirling said that the facility has been purchased on terms at a major discount to the going-concern replacement value (estimated by the company to be in excess of $20m) due to the collapse of a Canadian pharmaceutical group and its institutional international lender. The facility is fully operational and following formal registrations, Stirling will take possession of the property this week.
The purchase terms consist of an initial part payment of CAD250,000 which has been paid at settlement.
Reportedly, Stirling is expected to use the facility to exploit a number of third party contract generics manufacturing opportunities, funded research opportunities and pharmaceutical product production.
The facility has been established as a pharmaceutical production complex and is fitted out with extensive laboratory and drug manufacturing and packaging plant. The facility features a fully fitted out laboratory, water filtration systems, auto mixing units ranging to 3,000 kg capacity and two fully automated filling, labelling and packaging lines.
With the current fit-out and configuration, the plant, which is fully cGMP compliant, has an annual capacity to manufacture and package over 550 million tablets, 5 million bottles and blend up to 1.5 million kg of product. It also has a granulating and grinding capacity.
Peter Boonen, managing director of Stirling Products, said: “The acquisition of this facility on the purchase terms negotiated represents an extraordinary opportunity for the company. The acquisition also significantly adds to the growing tangible asset base of the company.
"Importantly however, it will provide for commercially sensitive product development to be carried out under the company’s exclusive control as well as forming a key cornerstone of our ongoing strategic growth in the global pharmaceutical, generics and healthcare markets.”
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