NEWS

NORWICH PHARMACEUTICALS PURCHASED BY AFI PARTNERS


Norwich, NY – Christopher R. Calhoun, president of OSG Norwich Pharmaceuticals, a pharmaceutical outsourcing manufacturing and packaging provider, today announced that the company has been purchased by AFI Partners. Upon completion of the sale, the company is now named Norwich Pharmaceuticals, Inc.


Operations at the Norwich, NY facility will continue uninterrupted. The current leadership team will remain in place, and continue to manage the business. All current employees will also remain with the new company.


Since its inception in 2001, the Norwich operation has grown substantially, and the work force has grown with it. Employment at the plant increased 70%, from approximately 250 people in 2001, to the roughly 425 people which it employs today.


Upon making the announcement, Calhoun stated, “For more than 120 years, Norwich Pharmaceuticals has played a significant role in the Norwich and greater Chenango County economies. We expect to be a continued source of stability and growth in the region.”


“We are excited to begin the next chapter of our company’s history with AFI Partners,” added Calhoun. “Our focus will remain on providing best-in-class services to our valued customers in the pharmaceutical business. We have demonstrated that we have highly competent people who can provide the quality and service demanded by the industry, with a high level of regulatory expertise, at a value level that our customers expect. With the support of AFI, we will be able to continue to make the necessary investments in the operation to remain at the forefront of our industry.”


E. J. Antonio, Managing Partner at AFI, stated, “AFI brings considerable manufacturing expertise to Norwich, in addition to a shared vision for long-term growth. We are fully prepared to make the necessary investments that will expand Norwich’s capacity and capabilities. We look forward to working with the Norwich team, as we build a strategy that will maximize the company’s potential.”


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ABOUT NORWICH PHARMACEUTICALS, INC.


Based in Norwich, NY, Norwich Pharmaceuticals, Inc. is an outsourcing pharmaceutical manufacturing and packaging provider. The company services the pharmaceutical industry exclusively, providing comprehensive support – from clinical trials, through scale-up, to commercial launch – to marketers of solid dose, semi-solid, and liquid pharmaceutical products. For over 120 years, the Norwich facility has played a role in the pharmaceutical industry. Company services include: outsourced manufacturing, packaging, quality, and distribution.



ABOUT AFI PARTNERS


AFI Partners is a private equity firm based in New York, NY comprised of an experienced group of investment professionals, focused on investing in manufacturing businesses undergoing change. AFI targets companies that are in need of capital, leadership, or other critical resources and then partners with management teams and employees across each organization to create value for all stakeholders.


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