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10-21-2009: Evonik Industries AG has agreed to acquire Indianapolis, Indiana-based Eli Lilly and Company’s Tippecanoe Laboratories manufacturing facility in Lafayette, Indiana. The site, which employs about 700, manufactures active pharmaceutical ingredients (API) and precursor materials for the pharmaceutical industry.
The purchase price was not disclosed. The transaction is expected to close by the end of the year, pending approvals from regulatory agencies.
The Tippecanoe plant will be fully integrated into Evonik’s global production and marketing network.
“The acquisition of Tippecanoe Laboratories enables us to meet the growing demand for intermediates and active pharmaceutical ingredients in the pharmaceutical industry and substantially boosts our global exclusive synthesis business,” said Dr. Klaus Engel, chief executive officer (CEO) of Evonik Industries. “The pharmaceutical market is attractive, economically stable, and produces growth rates near the double-digit range every year.”
In addition to the acquisition of the site, Evonik and Lilly will also enter into a multi-year supplier agreement for active pharmaceutical ingredients and intermediates.
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