WHIPPANY, N.J., Jan. 6, /PRNewswire/ -- Halo Pharmaceutical, Inc., a privately held specialty pharmaceutical company, has announced today the completion of its acquisition of the Whippany-NJ Manufacturing and Research facility from Abbott (NYSE: ABT). At over 200,000 square feet, Halo's facilities encompasses highly-diverse manufacturing and warehousing capabilities, including an impressive array of formulation services, operations for the aseptic filling of topical ointments, solid dosage forms (tablets and capsules), liquids, suppositories, associated packaging (tablet, powder, liquids and HUD) and ample laboratory space for formulation development, pre-clinical and clinical supplies and support of commercial operations. An additional asset is the site's capability to manufacture controlled substances (C2-C5) and an API manufacturing unit with an outstanding track-record of meeting DEA requirements. "We are extremely excited about the acquisition of this outstanding facility," said Douglas Kollmorgen, President of Halo Pharmaceutical. "The facility and the people who are continuing on with Halo, have a long and proud history here. Under the management of Abbott, the Whippany facility has been an exemplary production operation. We welcome the opportunity to continue that tradition of excellence for our customers going forward."
Halo's initial complement of personnel will consist of close to 80 highly-experienced pharmaceutical industry veterans from Abbott, and is expected to grow rapidly as the business develops further. "We are combining the best elements of traditional pharma with the innovation, agility and strong work ethic of a startup company," said Mohd Asif, Chief Financial Officer and head of the transaction team. "One of our great differentiators will be our focus on infusing the operation with our own unique culture, while preserving the focus on product quality, customer service and regulatory compliance." On the subject of the facility's heritage, Mr. Asif also explained that "it is essential that we recognize the significant contribution that has been made by Abbott in helping to smooth the transition of the Whippany facility to Halo stewardship, and to continue the strong legacy of this plant and its people."
A cornerstone of Halo's plan for success in a competitive environment will be a considerable focus on product quality, customer service and regulatory compliance. "This is a rare opportunity to build off the successes of a great company like Abbott," said John C. (Jack) Garvey, Vice President, Quality. "The compliance record of the Whippany site has been exemplary, and the culture is clearly focused on compliance. These important foundational elements will enable the creation of a systems approach to quality, with a focus on science-based, product-driven control frameworks that meet or exceed current FDA regulatory requirements and expectations."
Halo is currently seeking and evaluating opportunities for contract manufacturing, in-licensing, contract laboratory services, and the acquisition of branded products from companies looking to rationalize their product portfolios.
About Halo Pharmaceutical
Halo Pharmaceutical, headquartered in Whippany, NJ, is a full-service, specialty pharmaceutical company, offering state-of-the-art contract manufacturing, early stage formulation development and laboratory services to the pharmaceutical and related industries. Halo is currently a supplier of choice to a number of large and medium size brand pharmaceutical companies for important lifecycle products. Contract manufacturing capabilities include the ability to conduct aseptic filling, granulation, blending, tableting, coating, packaging and related warehousing operations. Halo Pharmaceutical is a privately-held company.
|SOURCE Halo Pharmaceutical, Inc.|
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