01.02.08
PRWT Services, Inc., through its wholly-owned subsidiary, Cherokee Pharmaceuticals LLC, has acquired Merck's Cherokee chemical manufacturing plant in Riverside, PA. Cherokee has also entered into a five-year supply agreement with Merck, valued at $100-200 million annually. The sale of the site is part of Merck's global restructuring of its manufacturing operations.
PRWT chairman and chief executive officer Willie F. Johnson remarked, "The acquisition of the Cherokee plant is consistent with PRWT's vision of growing the company by expanding into new markets, services, and lines of business. By establishing a presence in the Life Sciences market, PRWT can now participate in an industry with tremendous growth potential and establish a strategic supplier relationship with Merck, one of the premier pharmaceutical companies in the world."
The Cherokee plant is a state-of-the-art API manufacturing facility of products/antibiotics for humans and animals. PRWT has offered employment to the 400 Merck employees working at the plant. PRWT also plans to invest in the Cherokee plant to support the growth of the business.
"The sale of the Cherokee plant, along with the supplier relationship Merck has established with Cherokee Pharmaceuticals, is another important step in the realigning of our manufacturing operations," said Larry Naldi, senior vice president, science and technology, Merck Manufacturing Division. "The completion of this sale also enables Merck to continue to have a presence in the local community through its interactions with Cherokee."
PRWT chairman and chief executive officer Willie F. Johnson remarked, "The acquisition of the Cherokee plant is consistent with PRWT's vision of growing the company by expanding into new markets, services, and lines of business. By establishing a presence in the Life Sciences market, PRWT can now participate in an industry with tremendous growth potential and establish a strategic supplier relationship with Merck, one of the premier pharmaceutical companies in the world."
The Cherokee plant is a state-of-the-art API manufacturing facility of products/antibiotics for humans and animals. PRWT has offered employment to the 400 Merck employees working at the plant. PRWT also plans to invest in the Cherokee plant to support the growth of the business.
"The sale of the Cherokee plant, along with the supplier relationship Merck has established with Cherokee Pharmaceuticals, is another important step in the realigning of our manufacturing operations," said Larry Naldi, senior vice president, science and technology, Merck Manufacturing Division. "The completion of this sale also enables Merck to continue to have a presence in the local community through its interactions with Cherokee."