On July 31, Halo Pharmaceutical completed its acquisition of Teva's Mirabel site in Montreal, Quebec. The transaction had been expected to close by June, but labor negotiations extended the time frame.
The site, which Teva gained in its acquisition of Ratiopharm, adds non-sterile creams and ointments and high volume liquids capabilities to Halo's dosage form portfolio. The facility also provides immediate access to supply clients' products into the European market. Halo will manufacture several products for Teva as part of a trailing supply agreement.
Said Clive V. Bennett, Halo's president and chief executive officer, "In addition to introducing new clients to the Montreal site for commercial manufacturing, we plan to re-start pharmaceutical product development activities in Montreal in the very near future. This is an important and high-tech area of growth for Halo, and is already a significant facet of our activities in the existing Halo facility in Whippany, NJ. Importantly for both Halo and for our clients, the Montreal site offers substantial R&D tax credit opportunities for pharmaceutical development work conducted there."