King Pharmaceuticals Completes Sale Of Rochester, Michigan Manufacturing Facility To MCP
King Pharmaceuticals Completes Sale Of Rochester, Michigan Manufacturing Facility To MCP Pharmaceuticals
Bristol, TN and Rochester, MI – October 2, 2007 – King Pharmaceuticals, Inc. (NYSE: KG) and MCP Pharmaceuticals, LLC announced today the successful closing of an asset purchase agreement, pursuant to which MCP acquired King’s Rochester, Michigan sterile manufacturing facility, some of King’s legacy products that are manufactured there, and the related contract manufacturing business, for approximately $93 million in cash.
Peter Jenkins, Chief Executive Officer of MCP, said, “MCP is deeply appreciative of King’s support in the enormous amount of work that has been undertaken to ensure that the Rochester facility operates within the MCP corporate and technology platform from October 1.” Stuart Hinchen, President of MCP commented, “We have been delighted by the enthusiasm of the MCP and Rochester staff to prepare for this exciting next phase in the facility’s development.”
As of October 1, 2007, all current employees at the Rochester manufacturing facility became MCP employees and from that date, MCP will market the following products through its national sales and marketing group.
–Adrenalin® (epinephrine injection, USP)
-Aplisol® (Tuberculin Purified Protein Derivative, Diluted [Stabilized Solution])
-Brevital® C -IV (methohexital sodium, USP)
-Coly-Mycin® M (sterile colistimethate sodium, USP)
-Coly-Mycin®S (colistin sulfate-neomycin sulfate-thonzonium bromide-hydrocortisone acetate otic suspension)
-Cortisporin®-TC (colistin sulfate-neomycin sulfate-thonzonium bromide-hydrocortisone acetate otic suspension)
-Delestrogen® (estradiol valerate injection, USP)
-Ketalar® CIII (ketamine hydrochloride injection, USP)
-Pitocin® (oxytocin injection, USP, synthetic) -Pitressin® (vasopressin injection, USP)
-Tigan® vial (trimethobenzamide hydrochloride injection)
-Triostat® (liothyronine sodium injection)
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and life-cycle management.
About MCP Pharmaceuticals, LLC
MCP, headquartered in New Jersey, is a recently formed company founded by Peter Jenkins and Stuart Hinchen, previously senior executives with the leading global specialty injectables company, Mayne Pharma Limited which was recently acquired by Hospira, Inc. MCP plans to become a significant marketer of hospital and clinic based pharmaceuticals in the US, as well as a quality contract manufacturer of aseptically manufactured pharmaceuticals with an emphasis on biologic based products. MCP is a private company wholly owned by MCP Holdings, LLC whose equity owners are Morgan Stanley Principal Investments, Peter Jenkins and Stuart Hinchen.
EXECUTIVE OFFICES
KING PHARMACEUTICALS, INC.
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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