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New York Pharma Deal Retains 800+ Jobs

Akrimax Pharmaceuticals has purchased a drug product manufacturing and packaging plant in Rouses Point, New York, from Wyeth Pharmaceuticals. The deal will allow Wyeth to lease the space from Akrimax, a startup company, through the end of 2009, at which time Wyeth will leave the facility. During the transition period, Akrimax will begin manufacturing its own products while sharing the space with Wyeth. The deal will prevent the planned closing of the facility, which currently employs more than 800 people in upstate New York and neighboring Vermont. Akrimax officials say they intend to maintain those positions and fulfill the company's hiring needs from the Wyeth work force when the transfer of operations is complete. "Our plan is to develop, manufacture, and distribute pharmaceutical products from our own product portfolio and other third-part contracts," says Joseph Krivulka, one of Akrimax's founders. "We will accomplish that with the special expertise and knowledge of the people at this terrific plant." Financial details of the transition were not disclosed, but multiple news sources report that Akrimax will receive at least $3 million in financial incentives from state and local governments.

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