News

Posted On: 05/18/2005

Siegfried Acquires Penick Corp.

PharmaManufacturing.com

Effective May 18, 2005, the Siegfried Group (Zofingen, Switzerland) acquired Newark, N.J.-based Penick Corporation, for U.S. $30 million, strengthening its position in the U.S. market for controlled substances.

The majority of products acquired in the Penick takeover are active pharmaceutical ingredients used for pain management. Penick is the holder of one of the four currently issued import licenses for the primary raw materials for the production of controlled substances. The company owns unique technologies and processes for the manufacture of APIs for pain management and, together with Siegfried's existing controlled substance products, is expected to enable Siegfried to accelerate its penetration of the rapidly growing controlled substance marketplace in the United States.

The Penick Corporation is moving its activities to the Siegfried facility in Pennsville, N.J. The transfer of the chemical process technology is currently in progress and Siegfried is supporting current and future customers in the registration of their active pharmaceutical ingredients.

Douglas C. Gunthardt, Siegfried CEO adds, “We have been producing in the U.S. for over 70 years. This acquisition strengthens our Pennsville site and elevates Siegfried to a leading player in the market for controlled substances.”

First sales resulting from the acquisition are expected in the 2006 financial year.