Corden Pharma Colorado lays off 60
October 24th, 2011 // 12:23 pm @ jmpickett
Drug manufacturer Corden Pharma Colorado Inc. said Friday it would lay off 60 of its 260 workers as the company focuses on its new roles in contract manufacturing and development.
Corden Pharma Colorado in Boulder is the former Roche Colorado Corp., which was renamed after Frankfurt, Germany-based International Chemical Investors Group acquired the manufacturer of drug compounds at 2075 55th St in August.
“While it is difficult to see so many colleagues leave the company, I am excited about the strong and talented organization we have shaped through the restructuring process,” said Corden Pharma Colorado President Jean Lund.
Lund has been Roche, or other forms of the drug company in Boulder, for about 30 years. Former president of Roche Colorado Don Fitzgerald left the company Aug. 31.
Employees who are being let go are receiving a severance package that includes compensation based on years of service, health-care coverage and out-placement services.
The company’s workforce of about 200 employees includes chemists, engineers, and pharmaceutical manufacturing personnel who specialize in producing therapeutic peptides used to treat a variety of diseases.
International Chemical Investors Group is a privately owned industrial holding company focusing on mid-sized chemicals and pharmaceutical businesses. The company currently employs more than 3,000 people and operates 16 manufacturing facilities in Europe and the United States with annual sales of about $971 million.
The chemical plant in Boulder was founded in 1946 as Arapahoe Chemicals Inc. by two brothers, Tom Waugh and Dick Waugh. The company was purchased by Syntex Corp. in 1965. Roche Holdings Inc. purchased Syntex in 1994.
