Norway-based pharmaceutical firm and ingredient supplier Weifa is looking to overhaul its operations, and new plans will likely lead the company to separate entirely from its business-to-business unit, reports say.
The company revealed Friday (March 13) that its Board of Directors has decided to propose the B2B spin-off and combine it with the company’s new subsidiary Vistin Pharma. The unit, Weifa said, would focus on tablet production in the metformin and opioids market.
The company said that it will look to mold Vistin into a Contract Management Organization.
According to reports, Vistin will spend nearly $21 million to finance the acquisition and aggregate enough capital to operate the new B2B service. Vistin’s focus will then be to develop its API, the firms said. “I look forward to collaborating with the board to further build upon the strong foundation set by Weifa,” said Weifa CEO Kjell-Erik Nordby, who will be appointed the CEO of Vistin. “I am energized by the opportunity to continue leveraging the unique API facilitates in Kragerø to expand the metformin, the opioids and the CMO businesses.”
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