WEST PHARMACEUTICAL SERVICES SELLS GFI CLINICAL SERVICES UNIT
West Pharmaceutical Services, Inc. today announced the sale of the assets of the Company's GFI Clinical Services, an 80-bed Phase I clinical trial facility in Evansville, IN, to Covance, Inc. . The sale completes the divestiture of the businesses that comprised the Company's former Drug Delivery division. West received $5.7 million for the assets, subject to a closing-date working capital adjustment, and will recognize an after-tax gain from the sale of discontinued operations of approximately $0.5 million, or $0.02 per share, in the third quarter of 2005. Pursuant to the agreement between West and Covance, substantially all of the approximately 100 employees at the Evansville facility will continue to be employed at the facility.