Akzo Nobel withdraws from negotiations to acquire Scottish API facility from GSK
Akzo Nobel’s business Diosynth has decided to withdraw from negotiations to acquire GlaxoSmithKline’s active pharmaceuticals manufacturing facility at Montrose, Scotland.
Terms to acquire the facility at Montrose were agreed in early December 2002. While further negotiations to complete the deal followed they did not result in final agreement.
“Akzo Nobel and GlaxoSmithKline have negotiated in good faith to complete the deal”, said Fritz Fröhlich, Akzo Nobel’s CFO. “Unfortunately, due to changed economic circumstances in the pharmaceutical sector, Akzo Nobel is not in a position to pursue the negotiations further.”
Keywords : Diosynth Akzo Nobel GSK Acquisition withdrawal Montrose Scotland Third party manufacture contract Active pharmaceutical ingredients (APIs)
