New Jersey company paying $950M for Cook Group’s drug unit

Cook Group logo. (Provided Photo/Cook Group)

BLOOMINGTON, Ind. (AP) — A New Jersey company is paying $950 million to buy the drug-development unit of Indiana-based Cook Group.

Catalent Inc. of Somerset, New Jersey, said Tuesday it would add 750 employees from Cook Pharmica’s Bloomington, Indiana, facility to its workforce. Cook Pharmica develops, manufactures and packages drugs under contracts with pharmaceutical companies.

The companies say they expect the deal to close by the end of this year.

Cook Group also announced plans to buy a former General Electric refrigerator factory in Bloomington for planned expansion of its Cook Medical unit that makes products such as heart stents and surgical instruments. Cook says it could add 500 jobs over the next decade at the factory site, which GE closed last year.