Mexico’s Neolpharma will be picking up the assets of Pfizer’s Caguas manufacturing plant, through an agreement that is expected to close during the first quarter of 2013, company executives announced Tuesday. The financial terms of the agreement were not disclosed.
The deal includes all of Pfizer’s real estate and assets at the 32-acre facility, where approximately 130 employees still remain. Pfizer said they will become employees of Neolpharma following the completion of the transaction.
In addition, approximately 60 employees will remain at the site as short-term Neolpharma employees, for a transition period.
“The sale of the Caguas facility is a positive outcome for our colleagues, for the Caguas community, and for Pfizer,” said John F. Kelly, vice president, strategy and transitioning sites for Pfizer.
“From the time Pfizer announced the company would exit the site in May 2010, we proactively marketed the facility in collaboration with the Puerto Rico government with the goal to retain as many manufacturing jobs as possible to help preserve the economic stability of the community. Our team of committed and experienced colleagues at Caguas will be an asset to Neolpharma,” he said.
Neolpharma is a privately held pharmaceutical company with headquarters in Mexico. It has approximately 1,500 employees, and produces medication for central nervous system, cardiovascular, pain, and oncology. The Caguas site will be the company’s first manufacturing presence in the United States.
Pfizer’s Caguas plant was established in 1969 as a Searle/Monsanto facility. It features nearly 475,000 square feet of manufacturing space, warehouse and administration facilities.
Currently, the site produces solid dose pharmaceutical products for global markets. These include key therapies for central nervous system and pain management.
The majority of this volume will be transferred to other Pfizer facilities in Puerto Rico, while several products will continue to be produced in Caguas for Pfizer under a contract agreement with Neolpharma.
Pfizer has maintained a presence in Puerto Rico for more than 60 years, when commercial offices were established on the island. Currently it employs close to 3,500 employees in manufacturing facilities located in Barceloneta, Caguas, Carolina, Guayama and Vega Baja, with commercial offices located in San Juan.