U.S. Thermo Fisher offers $101 mln for drug production site in Ireland

U.S. biotechnology product development company Thermo Fisher Scientific revealed that the company has offered 90 million euros ($101 million) to buy a drug substance manufacturing site in County Cork, Ireland to further its expansion project.

Purchased from GlaxoSmithKline, the site will enhance Thermo Fisher's active pharmaceutical ingredients (API) offering by expanding its development and commercial capabilities to provide much-needed capacity for APIs currently in development.

Subject to customary closing conditions that include regulatory approvals, the transaction is expected to be completed by the end of 2019.

Upon completion, the site will become part of Thermo Fisher’s Pharmaceutical Services business within its Laboratory Products and Services Segment.