IBJNews

Enzon Pharmaceuticals sells Indy drug plant; 100 local jobs safe

Back to TopCommentsE-mailPrintBookmark and Share

An Indianapolis plant that manufactures specialty drugs has been sold by its parent company as part of a deal that could be worth more than $300 million.

New Jersey-based Enzon Pharmaceuticals Inc. said Friday that it closed the sale of its specialty pharmaceutical business to the Italian-owned Sigma-Tau Group. The sale included the plant and several Enzon drugs produced at the facility.

The operations at 6925 Guion Road manufacture four drugs: Oncaspar, for leukemia; DepoCyt, for meningitis; Abelcet, for fungal infection; and Adegen, for the “bubble boy disease” immune disorder.

Enzon may be entitled to an additional $27 million based on the achievement of certain milestones, in addition to royalties of up to 10 percent on profit through 2014.

The plant employs about 100 workers, and the manufacturing operations will remain in Indianapolis, Sigma Tau spokesman Marc Tewey said.

The plant and its products that treat rare diseases are a "nice addition" to Sigma Tau, which focuses on orphan drugs, Tewey said. Orphan drugs, as they're known in the pharmaceutical industry, treat diseases that afflict fewer than 200,000 patients in the United States.

The plant also contracts with outside companies to manufacture their drugs, and Tewey said Sigma Tau will attempt to expand that outside business. 

Enzon announced in August 2008 that it might sell the plant, or one or all of its products, as part of a strategic review of its specialty pharmaceutical business.

Billionaire shareholder Carl Icahn has pressed the company to unload assets or sell itself in order to increase value to shareholders.

Enzon stock has languished near $10 a share since 2006. The shares opened Monday morning at $9.97.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT