AGC Asahi Glass (AGC), a Tokyo-based manufacturer of glass, chemicals and high-tech materials has agreed to acquire CMC Biologics, a contract development and manufacturing organization (CDMO) for monoclonal antibodies, coagulation factors, and other therapeutic proteins headquartered in Copenhagen, Denmark. Under the deal, AGC will acquire 100% of CMC Biologics’ shares for a purchase price of approximately Japanese Yen 60 billion ($511 million).

Under the agreement, CMC Biologics will retain its brand and independence, and there are no anticipated changes in CMC operations, current leadership team, or employee base. The company has production facilities in Copenhagen and in Seattle, Washington and Berkeley, California.

AGC has been engaged in the contract manufacturing business since the early 2000s, and its acquisition of CMC Biologics is part of AGC’s strategy to expand its biologics CDMO operations. AGC currently has biologics CDMO operations in Japan and Europe. Under its management policy, the AGC Group has designated its life-science business as one of its strategic areas.

The acquisition remains subject to approval from the relevant antitrust authority and is expected to close in January 2017.

Source: AGC Asahi Glass and CMC Biologics