Boehringer subsidiary hires Bank of America to explore sale of injectable drugs business
American sterile products manufacturer Ben Venue Laboratories has reportedly tapped Bank of America Merill Lynch to explore a possible sale of its generic sterile injectable drugs business.
Ben Venue is the Ohio-based subsidiary of German pharmaceutical company Boehringer Ingelheim.
According to Reuters, Ben Venue in October announced that it was ceasing production due to quality control issues and said it was exploring strategic options for its Bedford Laboratories business.
The firm has hired Bank of America to educate potential buyers about the Bedford Laboratories business and the Ben Venue manufacturing site, a Boehringer spokesperson told Reuters on Tuesday.
Financial terms of the possible deal, however, were not disclosed.
The report said that a number of pharmaceutical companies including generic drug maker Mylan, Pfizer and Novartis may consider bidding for the business.
Ben Venue was one of the several manufacturers of Bedford Laboratories' methotrexate, a drug used in the treatment of several kinds of cancer including leukemia, Reuters said.