OSG announcement expected in August
NORWICH – The roughly 400 employees of OSG Norwich Pharmaceuticals, based in North Norwich, learned this week that an announcement could be made as soon as August about a new owner of the company.
“We hope to be able to get something out to the public by the end of the month. I can tell you that I am very excited about it,” President Chris Calhoun said Wednesday.
Negotiations with prospective buyers for the outsourcing manufacturer and packaging services provider have been ongoing since April. In June, management of Woodcliff Lake, N.J.-based OSG said that it would be exiting the pharmaceutical business.
OSG purchased the local business in 2001 from Procter & Gamble Pharmaceuticals of Cincinnati. In addition to its other 20 plus customers, OSG has held a long-term supply agreement to produce prescription products for P&G. Rumors from OSG employees have surfaced indicating that the potential buyer is a pharmaceutical investment group that may also be interested in purchasing P&G’s Norwich-based research and development facility at Woods Corners.
P&G Pharmaceuticals announced in July it had entered into contract negotiations with “an unnamed global biopharmaceutical company” for outsourcing the pharmaceutical research and development work it conducts. However, External Relations Leader Scott Docherty said yesterday he was unaware of any new connection between the two businesses. Regarding P&G’s negotiations, he said the company had no information to report.
The timing of the two corporate developments this summer was “purely coincidental,” company officials have said.
“We hope to be able to get something out to the public by the end of the month. I can tell you that I am very excited about it,” President Chris Calhoun said Wednesday.
Negotiations with prospective buyers for the outsourcing manufacturer and packaging services provider have been ongoing since April. In June, management of Woodcliff Lake, N.J.-based OSG said that it would be exiting the pharmaceutical business.
OSG purchased the local business in 2001 from Procter & Gamble Pharmaceuticals of Cincinnati. In addition to its other 20 plus customers, OSG has held a long-term supply agreement to produce prescription products for P&G. Rumors from OSG employees have surfaced indicating that the potential buyer is a pharmaceutical investment group that may also be interested in purchasing P&G’s Norwich-based research and development facility at Woods Corners.
P&G Pharmaceuticals announced in July it had entered into contract negotiations with “an unnamed global biopharmaceutical company” for outsourcing the pharmaceutical research and development work it conducts. However, External Relations Leader Scott Docherty said yesterday he was unaware of any new connection between the two businesses. Regarding P&G’s negotiations, he said the company had no information to report.
The timing of the two corporate developments this summer was “purely coincidental,” company officials have said.
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