AMRI acquires manufacturing facilities in India
Albany Molecular Research (AMRI) has signed a agreement to acquire two pharmaceutical manufacturing sites, along with additional land for future expansion, in Aurangabad and Navi Mumbai, India.
Albany Molecular Research (AMRI) has signed a agreement to acquire two pharmaceutical manufacturing sites, along with additional land for future expansion, in Aurangabad and Navi Mumbai, India.
AMRI will acquire the assets-including facilities, employees, products and equipment-of Ariane Orgachem in Aurangabad and Ferico Laboratories in Navi Mumbai for approximately US$11m. All of the facilities are currently owned by the Runwal Group and manufacture a range of pharmaceutical intermediates and bulk active ingredients.
AMRI will obtain additional land in Aurangabad and plans to invest approximately $15m to expand capabilities there over the next three years. The proposed expansion includes increasing capacity, as well as bringing these facilities into compliance with US Food and Drug Administration regulations for manufacturing clinical trial materials and commercial drug substances. Subject to customary closing conditions, the transaction is expected to close during the second or third quarter of 2007.
'We are pleased to announce the globalisation of our manufacturing operations,' said AMRI chairman, president and ceo Thomas D'Ambra.
'As we invest in additional capacity and ramp up production, we expect these facilities to add significantly to our large-scale manufacturing contract revenue in future years,' said cfo Mark Frost.