Avara to Acquire AstraZeneca's (AZN) Avlon, England-Located Manufacturing Facility

September 6, 2016 11:03 AM EDT

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Avara Pharmaceutical Services, Inc. announced that they have entered into an agreement under which Avara will acquire AstraZeneca's (NYSE: AZN) manufacturing facility located in Avlon, Avonmouth, England.

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."

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