08.11.10
Merck Sharp & Dohme Co. has reacquired the Cherokee Pharmaceutical plant that was previously sold to PRWT Services, Inc. more than two years ago. Details of the transaction were not disclosed.
Sherri Kyle-Jones of PRWT Services said that PRWT sold Cherokee back to Merck "because of the challenging business environment in the pharmaceutical industry." She added that PRWT decided to "concentrate on its core businesses involving labor management.”
Under PRWT, Cherokee continued to manufacture active ingredients for Merck antibiotics. At the time of the sale, in 2008, PRWT's contract with Merck was for five years and valued between $100 and $200 million annually.
Cherokee employs 450 people. A decision has not yet been made as to whether there will be any job losses. The sale is expected to be complete by September 3rd.
Sherri Kyle-Jones of PRWT Services said that PRWT sold Cherokee back to Merck "because of the challenging business environment in the pharmaceutical industry." She added that PRWT decided to "concentrate on its core businesses involving labor management.”
Under PRWT, Cherokee continued to manufacture active ingredients for Merck antibiotics. At the time of the sale, in 2008, PRWT's contract with Merck was for five years and valued between $100 and $200 million annually.
Cherokee employs 450 people. A decision has not yet been made as to whether there will be any job losses. The sale is expected to be complete by September 3rd.
