ARNHEM, The Netherlands, Sept. 20, 2002 (PRIMEZONE) -- Akzo Nobel (Nasdaq:AKZOY) has divested Rosemont Pharmaceuticals Ltd. of Leeds, United Kingdom, its liquid pharmaceuticals manufacturing business to Bio-Technology General Corp., Iselin, New Jersey, United States. The deal was signed today for a price of GBP 64 million (EUR 100 million).
The divestment of Rosemont is in line with Akzo Nobel's Pharma strategy of concentrating on innovation-driven activities. "Although a profitable niche activity, the oral liquid pharmaceuticals business is non-core for us," said Toon Wilderbeek, Member of Akzo Nobel's Board of Management responsible for Pharma. "With the sale of Rosemont we are underlining our focus on ethical pharmaceutical products, animal healthcare and the manufacture of complex active pharmaceutical ingredients," he added.
Rosemont, which employs approximately 120 people, specializes in the development and production of oral liquid formulations of medicines for patients who have difficulty in swallowing tablets. It currently supplies 80 products across a broad range of drugs that includes antidepressants, diuretics and drugs to treat Parkinson's disease and breast cancer, all predominantly for the U.K. market.
For the divestment, Akzo Nobel was provided financial services by Deutsche Bank.
Note for the editor:
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2001 totaled EUR 14 billion. The Company currently employs over 67,000 people in 80 countries. Financial results for the third quarter will be published on October 23, 2002.
Bio-Technology General Corp., a leading biopharmaceutical company, develops, manufactures and markets genetically engineered and other products for human health care. The Company's products are marketed worldwide.
Internet: www.akzonobel.com www.btgc.com Not for publication - For more information please contact: Akzo Nobel N.V. Ian R.C. Cressie, Manager Corporate Communications, Tel. +31 26 366 4343
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