King Pharmaceuticals Completes Sale Of Rochester, Michigan Manufacturing Facility To JHP Pharmaceuticals
Bristol, TN and Rochester, MI â€“ October 2, 2007 â€“ King Pharmaceuticals and JHP Pharmaceuticals, LLC announced today the successful closing of an asset purchase agreement, pursuant to which JHP acquired King's Rochester, Michigan sterile manufacturing facility, some of King's legacy products that are manufactured there, and the related contract manufacturing business, for approximately $93 million in cash.
Peter Jenkins, Chief Executive Officer of JHP, said, "JHP is deeply appreciative of King's support in the enormous amount of work that has been undertaken to ensure that the Rochester facility operates within the JHP corporate and technology platform from October 1."Â Stuart Hinchen, President of JHP commented, "We have been delighted by the enthusiasm of the JHP and Rochester staff to prepare for this exciting next phase in the facility's development."Â
As of October 1, 2007, all current employees at the Rochester manufacturing facility became JHP employees and from that date, JHP will market the following products through its national sales and marketing group.Â
About King PharmaceuticalsAbout King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and life-cycle management.Â
About JHP Pharmaceuticals, LLC
Â JHP, headquartered in New Jersey, is a recently formed company founded by Peter Jenkins and Stuart Hinchen, previously senior executives with the leading global specialty injectables company, Mayne Pharma Limited which was recently acquired by Hospira, Inc.Â JHP plans to become a significant marketer of hospital and clinic based pharmaceuticals in the US, as well as a quality contract manufacturer of aseptically manufactured pharmaceuticals with an emphasis on biologic based products. JHP is a wholly-owned subsidiary of JHP Holdings, LLC, a private company whose equity owners are Morgan Stanley Principal Investments, Peter Jenkins and Stuart Hinchen.