AMRI to acquire Cedarburg Pharmaceuticals in $41 million deal

Albany Molecular Research (Nasdaq: AMRI), a USA-based contract research and manufacturing organization, has signed a definitive agreement to acquire all the outstanding shares of Cedarburg Pharmaceuticals for $38.2 million in cash.

The transaction, including $2.8 million of assumed liabilities, is valued at $41 million. Cedarburg is a contract developer and manufacturer of technically complex active pharmaceutical ingredients (APIs) for both generic and branded customers. The transaction is consistent with AMRI's strategy to be the preeminent supplier of custom and complex drug development services and product to both the branded and generic pharmaceutical industry.

"We are very excited to be joining efforts with Cedarburg as they bring a unique blend of expertise in complex API, a scalable business infrastructure and extensive customer relationships that will augment our existing capabilities and services," said William Marth, AMRI's president and chief executive, adding: "This transaction represents an important first step in building out our API capabilities, broadens our offerings and customer base and provides us with an ideal platform to pursue additional value creation opportunities."