Inyx buy of Aventis Puerto Rico unit completed

Inyx, a US specialty pharmaceutical company with a focus on niche drug delivery technologies and products, says that it has completed its acquisition of certain assets and business of Aventis Pharmaceuticals Puerto Rico from Aventis Pharmaceuticals, a member of the Sanofi-Aventis Group (Marketletter January 10). The approximate $19.7 million acquisition price was financed through non-dilutive, asset-based funding provided by the Westernbank Business Credit Division of Westernbank Puerto Rico.

Jack Kachkar, chief executive of Inyx, said that "this acquisition is truly a 'transforming event' for Inyx. We have acquired materially valuable assets and several significant new business contracts and strategic new customers and partnering relationships."

The operations in Manati, Puerto Rico, consist of a high-caliber pharmaceuticals development and production center that provides Inyx with a base in the USA to complement its present facilities located in the UK. Inyx also gains favorable tax incentives, including a corporate income tax rate of 2%-7% for 15 years from its operations out of Puerto Rico.