AMRI To Acquire Cedarburg PharmaceuticalsBy
AMRI has agreed to acquire all the outstanding shares of Cedarburg Pharmaceuticals, Inc., a contract developer and manufacturer of active pharmaceutical ingredients for both generic and branded customers, for $38.2 million in cash. The transaction, including $2.8 million of assumed liabilities, is valued at $41 million.
Located in Grafton Wisconsin, Cedarburg Pharmaceuticals’ core capabilities include controlled substances, steroids, prostaglandins, vitamin D analogs, conjugation chemistry and inorganics for the analgesic, ophthalmology and oncology therapeutic areas. Cedarburg has provided API development and manufacturing support for 13 approved products. On a stand-alone basis, Cedarburg's forecasted full year 2014 revenue is approximately $19 million.
The transaction is expected to close in early April 2014. Cedarburg is expected to continue to operate independently within AMRI's API business unit. Chuck Boland, currently co-founder and executive vice president of business development, will lead the Cedarburg team and report to George Svokos, AMRI's senior vice-president sales and general manager;API.