Amneal to sell British subsidiary to concentrate on U.S. operations
Amneal Pharmaceuticals LLC's facility in South Yaphank. The New Jersey-based drugmaker also has facilities in Hauppauge. Credit: Barry Sloan
Amneal Pharmaceuticals Inc. is selling some of its British operations for an undisclosed amount, executives announced Monday.
The New Jersey-based drugmaker, which has facilities in South Yaphank and Hauppauge, said it plans to sell its Creo Pharmaceuticals Ltd. subsidiary in Essex, England to Zentiva Group, which is headquartered in Prague.
“This transaction will permit Amneal to concentrate management time and resources to support our continued focus on strengthening our growing position in the U.S. market,” Amneal CEO Rob Stewart said in a statement.
On Long Island, Amneal employs more than 1,000 people in three buildings. The company is a top manufacturer of generic drugs in the United States. About 5 percent of all prescriptions are filled using the company's products.
Amneal shares closed Monday up 12 cents, or less than 1 percent, to $14.29 on the New York Stock Exchange.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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