Kentucky based CDMO specialises in sterile liquid and freeze-dried parenterals and injectables
Piramal has bought US-based contract development and manufacturing organisation Coldstream Laboratories for US$30.65m in cash, expanding its business in injectables.
The deal is through Piramal's wholly owned subsidiary in the US and includes US$5.65m towards the purchase of a facility building which is currently leased to Coldstream.
Coldstream was founded in 2007 and is majority owned by University of Kentucky Research Foundation (an affiliate of the University of Kentucky). The company focuses on clinical trial to commercial-scale manufacturing of sterile liquid and lyophilised parenterals and injectables. It has also developed the expertise to formulate and manufacture high potency and cytotoxic compounds including Antibody Drug Conjugates (ADCs).
Coldstream employs 91 people and operates from a US FDA-approved facility located in Lexington, Kentucky. Revenue is estimated at US$14m for 2014E.
Vivek Sharma, CEO of PEL’s Pharma Solutions business said the acquisition of Coldstream will provide Piramal's Pharma Solutions business with a 'great platform for growth'.
'This acquisition allows PEL to move further into the injectable market segment and should have strong synergy with our existing Pharma Solutions business. Our strong capabilities in sterile product development and in ADC product segment will allow us to offer an integrated solution to our customers,' he said.
Bill Wedlake, President of PEL’s Pharma Solutions Formulations business, added: 'Coldstream’s use of isolator technology is impressive and provides a foundation for expansion of the facility to provide large scale commercial manufacturing including production of highly potent compounds.'