Strategic transaction expands API development and manufacturing business
AMRI has signed a definitive agreement to acquire the outstanding shares of Prime European Therapeuticals, also known as Euticals, in a transaction valued at approximately US$358m, consisting of shares of AMRI common stock, cash and a seller note.
Euticals is a privately held company headquartered in Lodi, Italy, specialising in custom synthesis and the manufacture of active pharmaceutical ingredients (APIs). It operates a network of API facilities in Italy, Germany, the US and France.
‘The acquisition of Euticals will provide us with an established custom synthesis presence in Europe and will further build on our expertise in complex APIs, positioning AMRI as a pre-eminent provider of contract research, development and manufacturing services to the pharmaceutical industry,’ said William S. Marth, AMRI's President and Chief Executive Officer.
‘Euticals' expertise with niche and high barrier to entry technologies and products, including certain tetracyclines, monobactams, sterile and fermented APIs and controlled substances, will be a tremendous asset to us. Additionally, Euticals' large base of more than 400 customers will provide us with a number of new pharma, biotech and generic partners, further extending our global reach and diversifying our revenue,’ he added.
‘Importantly, I am pleased that, in connection with the closing of the transaction, Fernando Napolitano will be joining our Board of Directors on behalf of Lauro 57 and its majority investors, Clessidra Capital Partners II and Mandarin Capital Partner SCA SICAR. Clessidra's and Mandarin's combined expertise, deep contacts within the European pharmaceutical community and continued guidance will be invaluable to our efforts going forward. Margalit Fine, Euticals' Chief Executive Officer and former head of European API at Teva, will be leading Euticals' operations as a senior executive for the combined company,’ Mr Marth said.
‘On behalf of Lauro 57 and its investors, we couldn't be more pleased to be joining AMRI,’ said Clessidra Chief Executive Officer, Maurizio Bottinelli. ‘Its expertise in developing and manufacturing complex pharmaceutical products is well known and we look forward to joining forces to further expand our presence in the European community.’