Olympus Biotech, a U.S. subsidiary of Japan's Olympus Corporation, has announced an aggressive transaction process to find a buyer of its West Lebanon, NH manufacturing facility over the next 90 days.
The 80,000 sq. ft. manufacturing plant with expansion space is cGMP-certified and comes fully staffed with 130 facility personnel.
The sale push comes on the heels of the recent decision made by Olympus, best known for cameras and microscopes, to discontinue its U.S. biotechnology division operations entirely.
According to the company, the decision was purely financial. A press release on the global site stated clearly, "following from the fact that it is difficult to see future synergy for the biologics business with our core business domain, and that the business environment has worsened compared to initial assumptions, we consider that it would be arduous to continue this biologic business, and as such will withdraw from it."
The NH facility manufactures a bone-growth product, OP-1, used to regenerate bone for treating spinal, hip and knee conditions. When the product underperformed, Olympus Biotech attempted to recoup revenue by offering the West Lebanon facility for contract manufacturing to help other firms to develop biotech products.