Piramal Enterprises Limited wholly
owned subsidiary in the US has entered into an agreement to acquire 100% stake
in Ash Stevens Inc. a US based Contract Development and Manufacturing Organization
(CDMO) in an all cash deal for a consideration of USD 42.95 Million plus an
earn out consideration capped at $10 Million.
Ash Stevens has over 50 years of
experience in contract manufacturing and serves several biotech, mid-size
pharma, and large pharmaceuticals clients worldwide. With over 60,000 sq. ft. of
facilities, eight chemical drug development and production laboratories, and six
full scale production areas, Ash Stevens has built a stellar reputation, led by
science, driven by operational excellence, and one that emphasizes quality as a
culture.
Ash Stevens has an impeccable
safety record of working with high potency anti-cancer agents and other highly
potent therapeutics. The state of the art manufacturing facility in Michigan
features all necessary engineering and containment controls for the safe
handling and cGMP manufacture of small and large scale HPAPIs. Ash Stevens is
well poised to become the partner of choice for clients looking to advance
programs from early development through launch.
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