FOLLOWING PwC's appointment as primary financial adviser on Pfizer's global site divestment programme in 2010, the Newcastle corporate finance team has now completed the disposal of three sites as part of this global mandate.

This brings the total figure to nine manufacturing site divestitures that the team, led by Paul Mankin, have assisted Pfizer with since he first advised them on the disposal of its Morpeth facility in 2006.

Two of the sites divested during 2011 were located in Ireland. In June Pfizer sold its biotechnology facility located in County Cork for US$48.5m to BioMarin Pharmaceutical Inc. The following month Pfizer announced it had completed the disposal of its Dublin manufacturing site at Dun Laoghaire to Amgen Inc, the world’s largest bio-pharmaceutical company.

In the third divestment in as many months, Pfizer's OTC manufacturing plant and warehouse/distribution facility in Richmond, Virginia, USA was sold to Fareva Group, a global consumer products and pharmaceutical company headquartered in France. Fareva announced it will invest a further US$42m in the plant and has entered into an ongoing manufacturing and supply agreement with Pfizer.

Gareth Marshall, PwC corporate finance manager, who worked on the transactions commented: “We implemented an extensive global marketing campaign taking these opportunities to over 300 pharmaceutical businesses, successfully leveraging our local expertise and contacts within the global PwC network.

“In addition to the divestments completed in 2011 we are currently managing a further three divestments as Pfizer continues to implement the global strategic review of its manufacturing network following its acquisition of Wyeth in 2009.”

:: Gareth Marshall is corporate finance manager at PwC in the North East, tel: 0191 269 4035 or email: gareth.r.marshall@uk.pwc.com