July 17, 2001 — NEPTUNE, NJ — WellSpring Pharmaceutical Corp. plans to expand its operations after acquiring a 101,000 square foot pharmaceutical manufacturing plant in Ontario from Basingstoke, England-based Shire Pharmaceuticals Group.
The facility, located in Oakville, Ontario, sits on a nine acre parcel of land. It was given a retrofit in 1998 to meet Good Manufacturing Practices requirements. The facility produces 22 formulations of prescription and OTC drugs.
Under the deal, the two companies have agreed to enter several long-term contracts under which WellSpring will continue to manufacture some drugs for Shire. Also, Shire will sell its entire OTC product line to WellSpring.
The deal is expected to close by the end of August.
There are currently more than 70 pharmaceutical workers at the plant. WellSpring officials said they keep those jobs intact.