West Pharmaceutical Services Completes Sale of Drug Delivery Business
West Pharmaceutical Services Completes Sale of Drug Delivery Business
Feb 09, 2005
LIONVILLE, Pa., /PRNewswire-FirstCall via COMTEX/ -- West Pharmaceutical Services, Inc. (NYSE: WST), the global market leader in closure systems and syringe components for use with injectable drugs, today announced that, effective February 8, 2005, it has completed the sale of a substantial majority interest in its Drug Delivery business to Archimedes Pharma, a new UK-based European specialty pharma company backed by Warburg Pincus. As previously announced on December 27, 2004, the Company's Drug Delivery division will be classified as "discontinued operation" in the Company's subsequent financial reports. The Company will continue to operate its clinical services business, which is being held for sale or other disposition. West received $7.1 million cash, approximately 14% of the stock of Archimedes Pharma, and a royalty interest in certain of Archimedes Pharma's revenues in exchange for substantially all of its Drug Delivery assets.
About West Pharmaceutical Services, Inc.
West Pharmaceutical Services, Inc. is the world's leading manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. West's customers include the world's leading pharmaceutical, biotechnology, generic drug and medical device producers. Internationally headquartered in Lionville, Pennsylvania, West supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at http://www.westpharma.com.
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