Piramal Enterprises Enters into an Agreement to Acquire Ash Stevens Inc., a US based CDMO for High Potency APIs (HPAPIs)
Piramal Enterprises Limited (PEL, NSE: PEL, BSE: 500302) announced today that its 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. This potential transaction is expected to be completed by the end of August.
Located in Riverview, Michigan, Ash Stevens has over 50 years of experience in contract manufacturing, and serves several biotech, mid-size pharma, and large pharmaceutical 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. As one of the leaders in HPAPI manufacture, 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, with Occupational Exposure Limits (OELs) ≤ 0.1µg/m3. The facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies.
“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. He further adds, “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.”
“With its rich history of scientific excellence, a track record of 12 product launches, Ash Stevens is well poised to become the partner of choice for clients looking to advance programs from early development through launch. In addition to the business benefits that the combined entity will bring to our clients, I am also pleased that the firms share common core values: both were founded by successful entrepreneurs, value integrity, and are committed to a customer-first approach,” said Dr. Mark Cassidy, President of the API Business at Piramal Pharma Solutions. “I am pleased to welcome the Ash Stevens team into the Piramal group. We expect them to be an integral part of our future growth plans.”
Added Dr. Stephen Munk, CEO of Ash Stevens, “We look forward to working with the Piramal leadership and management team, to develop API solutions that benefit customers and improve the lives of patients. The commitment that Piramal has shown towards growing its healthcare businesses, coupled with the complementary capabilities that our two firms have, makes this an exciting time for Ash Stevens and our employees. We have already identified areas where we can create significant value together, and will be moving forward rapidly to achieve those objectives.”
The transaction is not subject to any regulatory approvals. No related party of PEL has any interest in Ash Stevens.
Wells Fargo Securities, LLC served as exclusive financial advisor to Ash Stevens, with legal counsel provided by Morrison & Foerster LLP.
For further information on the financials, please visit our website: www.piramal.com.
About the Piramal Group
The Piramal Group, led by Ajay Piramal, is one of India’s foremost business conglomerates with a global footprint. With operations in 30 countries and brand presence in over 100 countries, the Group’s turnover is around $1.3 billion in FY2016. The Group’s diversified portfolio includes presence in industries like healthcare, financial services, healthcare information management, glass packaging and real estate.
Driven by the core values of knowledge, action and care, the Group steadfastly pursues inclusive growth, while adhering to ethical and value driven practices. Piramal Foundation, the philanthropic arm, has initiatives running across healthcare, water, education and women empowerment in 19 states of India.
About Piramal Enterprises Limited
Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Healthcare, Healthcare Information Management and Financial Services. PEL’s consolidated revenues were around $ 1 billion in FY2016, with 61% of revenues from outside India.
In healthcare, PEL is one of the leading players globally in CRAMS (custom research and manufacturing services) as well as in the critical care segment of inhalation and injectable anaesthetics. It also has a strong presence in the OTC segment in India.
PEL’s healthcare information management business, Decision Resources Group, is amongst the top 20 US market research organizations which provide information services to the healthcare industry.
In financial services, PEL, through its Piramal Fund Management Division, provides comprehensive financing solutions to real estate companies. The Structured Investment Group (“SIG”) provides long term patient mezzanine growth capital to capital intensive businesses which are an integral part of India’s growth story. The total funds under management under these businesses are $ 3.3 billion. The Company also has strategic alliances with top global pension funds like CPPIB Credit Investment Inc. and APG Asset Management. PEL also has long term equity investments worth over $ 700 million in Shriram Group, a leading financial conglomerate in India.
PEL is listed on the BSE Ltd. and the National Stock Exchange of India Ltd.
For Investors, please contact:
Hitesh Dhaddha / Bhavna Sinyal
Investor Relations, Piramal Enterprises Limited
Contact: +91 22 3046 6444 / +91 22 3046 6570
For media enquiries, please contact:
Akansha Pradhan / Riddhi Goradia / Paroma Bhattacharya
Corporate Communications, Piramal Group
Contact: +91 22 3351 4082 / 4083
firstname.lastname@example.org / email@example.com / firstname.lastname@example.org
Public Relations Consultant:
Sumati Chaudhary / Kritika Bhardwaj
Sumati.email@example.com / firstname.lastname@example.org
Tel: 022 3368 0368 / 022 3368 0354
M: +91 9820918609 / 9833394436
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
GSMA: Multiple Mobile Operators Launch Live Commercial Low Power Wide Area Networks in Licensed Spectrum Worldwide21.2.2018 09:00 | Pressemelding
The GSMA today announced that momentum behind Mobile IoT, or licensed Low Power Wide Area (LPWA), networks continues to grow on a global basis. To date, 23 mobile operators have commercially launched 41 Mobile IoT networks worldwide across both NB-IoT1 and LTE-M2. This growth is supported by 34 IoT Labs and an expanding community of over 800 organisations in the GSMA’s Mobile IoT Innovators Community. According to GSMA Intelligence forecasts, by 2025 there will be 3.1 billion cellular IoT connections, including 1.8 billion licensed LPWA connections. “2018 is the year that Mobile IoT networks will scale. We have seen huge growth in the availability of commercial networks in licensed spectrum and anticipate seeing many more launches this year. This is underpinned by an expanding community of organisations developing innovative new solutions and a number of IoT Labs helping companies to test out new products and services,” said Alex Sinclair, Chief Technology Officer, GSMA. “Mobile IoT ne
Clientron to Present Its POS Innovation at EuroCIS 201821.2.2018 09:00 | Pressemelding
Clientron Corp., a global leading provider of POS, thin client, and embedded systems, will display its latest POS solutions for the retail market at the world’s leading retail show, EuroCIS 2018, from February 27 to March 1, 2018 in Dusseldorf, Germany. At its Booth (Hall 10, Booth E73), Clientron will introduce its innovative POS terminals and various built-in POS peripherals available on the market today in order to meet the demands of omnicommerce experience. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180221005007/en/ Clientron to present its POS innovation at EuroCIS 2018 At the event, Clientron's displays will include: the innovative PST650 all-in-one POS terminal with a built-in high speed thermal printer and a small, lightweight form factor for counter space savings; the most affordable POS terminal, PT2000, in a fanless design with long life span support to both entry and mainstream POS market segments; and the ne
Fake Medicines Continue to Threaten Consumers – EU Member States have an Obligation to Act21.2.2018 08:12 | Pressemelding
According to The Alliance for Safe Online Pharmacy in the EU (ASOP EU), the illegal manufacturing and distribution of fake medicines is an enormous and growing public health risk with an untold cost to lives. "Vast profits are made by organized criminal gangs who often use the proceeds to support other criminal activities. The Internet provides the ideal channel to buy illegally distributed fake medicines. Price, convenience and secrecy have driven consumer demand, creating the perfect environment for over 35,000 illegally operating websites." Under article 85d of the Falsified Medicines Directive, each EU Member State is obliged to raise awareness about the risks of buying medicines online. To better understand how countries are meeting these obligations to educate and protect consumers, the European Union’s Alliance for Safe Online Pharmacy (ASOP EU) and the European Alliance for Access to Safe Medicines (EAASM), has convened a series of discussions with many Member States. Based on
Triton Digital Integrates Platform 161 with a2x® to Provide Marketers and Buyers with Access to Premium Digital Audio Advertising Inventory21.2.2018 08:00 | Pressemelding
Triton Digital®, the global technology and services leader to the digital audio and podcast industry, announced today the integration of its audio advertising marketplace, a2x®, with Platform 161, a leading DSP for advertisers, agencies and publishers. The integration provides Platform 161’s advertisers with the ability to add online audio from top-tier broadcasters and streaming music services to their programmatic, omnichannel buys through both open auction and private marketplace (PMP) deals. “We are proud to partner with Triton Digital to provide our marketers with access to a wide range of digital audio inventory from music services, live streaming radio, podcasts, and more through the a2x programmatic audio marketplace,” said Marco Kloots, CEO at Platform 161. “The personal, highly-engaging nature of digital audio will undeniably enhance our marketers omnichannel buys, enabling them to both scale their buys and connect with their target audience in a native, immersive manner acro
Posiflex Showcases Stylish New Line of Touch Screen Terminals and Self-Service & Interactive Kiosks at EuroCIS 201821.2.2018 08:00 | Pressemelding
Posiflex Technology, Inc. unveils an entirely new line of dynamic touch screen terminals that embodies a new era for Posiflex and point-of-sale hardware – the RT Series. With an elegant housing and a strikingly thin profile, the RT Series brings a modern aesthetic to the counter and makes a retail business look even more attractive. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180221005002/en/ Make Your Business Look More Attractive with Posiflex RT Series (Photo: Business Wire) Available in 15” (4:3) screen or 15.6” (16:9) widescreen, the RT Series provides multiple CPU selection from Intel Celeron all the way to Core i5 CPU to fit each unique need. The patented fanless technology allows the unit to run silently and perform in harsh environments that involves dust and liquid spills. “POS terminal is no longer just a cold and hard business tool; it has evolved to be an extension of the brand offering a more dynamic in-store
Arix Bioscience and Ipsen Sign a Strategic Agreement to Develop and Commercialise Innovative Therapies21.2.2018 07:00 | Pressemelding
Regulatory News: Arix Bioscience plc (LSE:ARIX) (“Arix”), a global healthcare and life science company supporting medical innovation, and Ipsen (Euronext: IPN; ADR:IPSEY), a global specialty-driven biopharmaceutical company focused on innovation and specialty care, today announced a strategic agreement to develop and commercialise innovative therapies. Arix will provide Ipsen with access to its unique network of professional and scientific advisors, and the chance to invest in opportunities in Arix’s new and existing businesses. In return, Ipsen will contribute research, development and commercial expertise to the partnership. Arix and Ipsen will collaborate to identify opportunities and jointly create new companies focused primarily on the development and commercialisation of innovative therapies for patients. Joe Anderson, Chief Executive Officer of Arix Bioscience plc, commented: “This agreement brings together Ipsen’s deep expertise in drug development and commercialization with Ar