AMRI acquire API manufacturer Euticals in $358 mn deal

AMRI to acquire API manufacturer Euticals in $358 mn deal

10:50 AM, 6th May 2016
AMRI to acquire API manufacturer Euticals in $358 mn deal

ALBANY, US: Albany Molecular Research Inc (AMRI) has signed a definitive agreement to acquire all outstanding shares of Prime European Therapeuticals SpA, also known as Euticals, in a transaction valued at approx $358 million.

Euticals is a privately-held company headquartered in Lodi, Italy, specializing in custom synthesis and the manufacture of active pharmaceutical ingredients (APIs). It operates a network of API facilities primarily in Italy, Germany, US and France. 

AMRI said the acquisition would position the company as one of the pharmaceutical industry’s largest independent developers and suppliers, while significantly expanding its presence in Europe.

AMRI’s purchase of Euticals marks the company’s second acquisition aimed at expanding its API portfolio and its presence outside the US in less than a year. The company bought Gadea Pharmaceutical Group for $174 million in July 2015.

In addition, AMRI said it has entered into debt financing commitments with JP Morgan and Barclays for funds necessary to complete the transaction.

"The acquisition of Euticals will provide us an established custom synthesis presence in Europe and will further build on our expertise in complex APIs, positioning AMRI as a preeminent provider of contract research, development and manufacturing services to the pharmaceutical industry," said William Marth, president and CEO of AMRI.

Margalit Fine, Euticals CEO and former head of European API at Teva, will continue to lead Euticals' operations as a senior executive for the combined company," Marth said in a statement.

Nomura Holdings acted as a financial advisor to AMRI; Goodwin Procter LLP and LCA Studio Legale acted as legal advisors. 

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