Laboratoires Thissen SA, the Belgian subsidiary of NextPharma Technologies Holding Ltd., will file for bankruptcy with the Commercial Court of Nivelles in Belgium. Once filed, the Court is expected to appoint a receiver for the site to review the potential future options.

Laboratoires Thissen SA provides commercial scale manufacturing of sterile cytotoxic products, primarily used for the treatment of cancer. The site currently manufactures products for a number of customers and employs approximately 300 staff. The bankruptcy filing is a result of several customers significantly reducing orders in 2011 as a result of in-sourcing production or over-stocking in other markets, leading to a 30% reduction in volumes and revenues compared with 2010.

NextPharma invested €4.7 million to support the business financially while a restructuring program was being evaluated. Following a strategic review of its operations, NextPharma decided that it would no longer support Laboratoires Thissen, without risking the stability of the wider NextPharma business.

Franck Latrille, chief executive officer, NextPharma Technologies Holding Ltd., said,
“It is regrettable that this step has had to be taken which will no doubt cause concern, particularly amongst our employees. However, having undertaken a thorough strategic review of our operations, we are unable to make the financial investment required to secure the future of Laboratoires Thissen without risking the stability of the wider NextPharma business. The next few days will be critical in determining the options for the site and I urge full cooperation with the receivers who are due to be appointed shortly.”