Pharm-Eco acquired by Johnson Matthey

Johnson Matthey recently announced that it has completed its transaction to acquire Pharm-Eco Laboratories, Inc. Pharm-Eco will continue to operate under the Pharm-Eco Laboratories name, but will now be known as a "Johnson Matthey Company", operating under the business of Johnson Matthey Pharmaceutical Materials, Inc., a U.S. corporation. Details of the transaction are contained in the Johnson Matthey press release.

Speaking on behalf of Pharm-Eco and its 120 employees, Salah Zahr, PhD, Executive VP of Scientific Affairs for Pharm-Eco, indicated that "The acquisition of Pharm-Eco, from its private ownership, will provide the basis for significant new business growth". Dr. Zahr further added that "Pharm-Eco's center of excellence mission will benefit from the Johnson Matthey name in attracting and retaining scientific talent". Pharm-Eco currently employees 120 people at two sites in Devens and N. Andover, Massachusetts. The new Devens facility, opened in July-August 2000, has the capacity to build headcount to over 300 employees, with up to 52 laboratories and 12,000 gal. of new reactor capacity.

Lee Piver, Pharm-Eco's VP of Marketing and Business Development, looks forward to the integration of Pharm-Eco's "early stage" process research and development expertise with JM's API manufacturing expertise. "Together we can now offer the pharmaceutical industry a complete supply chain management without the delay time and additional expense of technology transfer after Phase II." Pharm-Eco is located in the Boston area, one of the largest centers of new drug development in the U.S. Pharm-Eco currently does business across the global pharmaceutical market for new drug development.

Dr. Forrest Sheffy, General Manager for Pharm-Eco, as well as Vice President and General Manager of JM's Pharmaceutical Materials business, commented that "Pharm-Eco has a strong customer base and an outstanding reputation for the quality of its service throughout the pharmaceutical industry. The acquisition fits well with our existing activities in pharmaceutical materials".

Source: Pharm-Eco Laboratories

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