Call it a marriage gone bad. Novartis is expected to soon regain control of the Sandoz Boucherville sterile drug manufacturing site in Canada that it sold to Avara Pharmaceuticals last year. It turns out the relationship went bad almost as soon as it was consummated.
The plant and development center that Novartis sold to Avara was placed in receivership in February after Avara defaulted on terms of the deal and was unable to financially support the facility, Novartis said. It is being run by Ernst & Young until the transaction can be unraveled and the plant reverts to Sandoz.