Piramal acquires Ash Stevens
Mumbai-based Piramal Enterprises Limited said its wholly-owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc.
The acquisition is for US$42.95 million plus an earn-out consideration capped at $10 million. It expects to complete the transaction by end of August 2016.
Ash Stevens is a US based Contract Development and Manufacturing Organization (CDMO) in Riverview, Michigan, with over 50 years of experience and serves several biotech, mid-size pharma, and large pharmaceutical clients worldwide.
“The acquisition of Ash Stevens fits well with our strategy to build an asset platform that offers value to our partners and collaborators. Currently, around 25% of the molecules in clinical development are potent. Our clients are looking for reliable partners that can assist them in advancing these programs forward,” said Vivek Sharma, CEO of Piramal Pharma Solutions.
“North America is a key market that we can now service with our three local facilities – the Coldstream Labs in Kentucky for fill finish needs, the Torcan facility in Toronto for complex high value APIs and now, Ash Stevens in Michigan for HPAPIs.
“Having facilities with a differentiated platform and geographical proximity to clients are keys towards building strategic partnerships. We expect this acquisition to also be synergistic with our Antibody Drug Conjugates (ADCs) and injectable business. We can now fulfill client requirements for a single source of supply for both high potent APIs and drug products,” he said. fii-news.com
