August 3, 2010
For Immediate Release
Apotex, Largest Canadian Owned Pharmaceutical Company Sells Group of Products to AA Pharma Inc.
Toronto, ON - Apotex Inc, announced today the sale of more than 40 pharmaceutical products to AA Pharma, a company headquartered in Toronto. Both companies are privately held and no value of the sale was provided.
These products represent different therapeutic categories and the sale takes effect as of August 3rd, 2010.
AA Pharma will immediately start selling these products and the Apotex label will be transitioned to the new name over a period of time.
"We are constantly reviewing our portfolio of 300 products and it made business sense that another organization should sell these specific pharmaceutical products. Apotex will continue to do the production of these products and hopefully AA Pharma will grow the sales" stated Jack Kay, President & COO of Apotex.
"AA Pharma is committed to being an integral part of the Canadian healthcare system and the acquisition of these Apotex prescription medicines gives us a portfolio to be able to expand our product offerings immediately" stated Norman Paul , CEO of AA Pharma.
Apotex Inc. has over 5,000 employees in Canada in 20 facilities who make over 300 medicines in 4,000 dosages which are exported to 100 countries. It plans to spend over $2 billion over the next ten years in research and development.
AA Pharma Inc. is an independent private pharmaceutical sales organization that is aggressively acquiring products to meet the needs of the Canadian healthcare market.