Avara Acquires AstraZeneca UK Manufacturing Facility

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Sep 06, 2016, 11:00 ET

NORWALK, Conn., Sept. 6, 2016 /PRNewswire/ -- Avara Pharmaceutical Services, Inc. ("Avara") today announced that they have entered into an agreement under which Avara will acquire AstraZeneca's manufacturing facility located in Avlon, Avonmouth, England.

Tim Tyson, a global leader in the pharmaceutical industry, is Chairman and CEO of Avara Pharmaceutical Services. In his 35-plus year career, Mr. Tyson has negotiated complex multi-billion dollar mergers and acquisitions, led major turn-arounds that have fueled growth and value and, most significantly, has been instrumental in bringing more than 50 lifesaving and life improving medicines to the market.

Under the terms of the agreement, about 210 Avlon employees will remain employed at the site, and the plant will continue to manufacture critical AstraZeneca pharmaceutical products on a contract basis. AstraZeneca will continue to source a stable supply of high-quality products from the facility under the new ownership of Avara following the acquisition.

"We are excited to have the Avlon organization join the Avara team and to add this significant capability to the Avara Company," said Tim Tyson, Chairman and CEO of Avara. Tyson added, "We are honored to have the strategic partnership with AstraZeneca and to manufacture key products for them. We are excited to be able to transition this AstraZeneca center of technical excellence to a worldwide pharmaceutical services center of excellence. This exceptional facility will be the fifth site in our global network with other facilities in the US, Puerto Rico, Ireland and now the UK.

"We thank the AstraZeneca employees in Avlon for their dedication, and we wish them well as they transition to Avara" said Marc Jones, EVP Supply, EMEA, at AstraZeneca. "We have confidence that Avara is the right company to oversee the continuing supply of the AstraZeneca products that are made at the facility, as well as to build a long term sustainable future for the site. We look forward to partnering with Avara as the new owner of the site to ensure the continuous supply of our products for the patients who need them."

About Avara

Avara Pharmaceutical Services, Inc., based in Norwalk, Connecticut is an international pharmaceutical services company that delivers world-class contract manufacturing and technical services to the pharmaceutical industry. Avara has primary and secondary manufacturing facilities in North America and Europe and supplies products to all major markets around the world. Our broad experience with supply chain, commercialization, product launch and product transfer allows us to sustain exemplary levels of product quality and regulatory compliance. We are known to exceed customer service level expectations and consistently deliver on time, in full at a fair price. For more information, please visit our website at www.avara.com.

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SOURCE Avara Pharmaceutical Services, Inc.