AMRI acquire Aptuit’s drug product development aseptic clinical manufacturing businesses

AMRI to acquire Aptuit’s drug product development and aseptic clinical manufacturing businesses

7:21 AM, 10th January 2015
AMRI to acquire Aptuit’s drug product development and aseptic clinical manufacturing businesses

ALBANY, US: Albany Molecular Research Inc (AMRI) has acquired the outstanding equity interests of Aptuit’s Glasgow, UK business and has entered into a definitive agreement to acquire Aptuit’s SSCI/West Lafayette, Indiana, US business for total consideration of $60 million, expanding AMRI’s drug product development and aseptic clinical manufacturing capabilities. In addition, Aptuit’s Glasgow facility will extend AMRI’s capabilities platform to include sterile injectable drug product formulation and clinical stage manufacturing.

Under terms of the agreement, AMRI has paid $24 million for the Glasgow business. Subject to certain closing conditions, AMRI will pay the remaining $36 million for the West Lafayette business and will assume certain liabilities related to that subsidiary. AMRI expects to complete the transaction early in the first quarter of 2015. AMRI is financing the transaction with cash on hand and borrowings under its expanded $75 million revolving credit facility. The Aptuit businesses are expected to contribute $25 to $30 million to AMRI's revenue and $5 to $7 million to adjusted EBITDA in 2015, implying a purchase price multiple of two times 2015 revenue at the top end of the range.

“We are pleased to acquire these two facilities from Aptuit, which will further AMRI’s expertise in drug product development and aseptic manufacturing services, two areas of our business where we are seeing the fastest level of growth. Analytical Services sits at the interface of API and Drug Product, providing critical support for all aspects of pharmaceutical development and manufacturing. The West Lafayette team brings extensive material science knowledge and technology and will expand our capabilities in analytical testing to include peptides, proteins and oligonucleotides,” said William S Marth, President and Chief Executive Officer, AMRI.

“Aptuit’s Glasgow operation strengthens our front end formulation expertise in our sterile injectable business, further extending our parenteral offerings and providing customers a single source to address their sterile fill/finish needs from formulation complete to commercial supply. In addition, having a Glasgow base of operations provides us with an expanded footprint and customer base in Europe for our parenteral offerings, furthering one of our strategic goals,” added Marth.


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