AMRI to acquire Italian API maker for $358 million

Albany Molecular Research (Nasdaq: AMRI) has signed a definitive agreement to acquire all outstanding shares of Prime European Therapeuticals, also known as "Euticals," in a transaction valued at around $358 million (315 million euros), consisting of shares of AMRI common stock, cash and a seller note.

Euticals is a privately-held company headquartered in Lodi, Italy, specializing in custom synthesis and the manufacture of active pharmaceutical ingredients (APIs). It operates a network of API facilities primarily in Italy, Germany, the USA and France.

"The acquisition of Euticals will provide us an established custom synthesis presence in Europe and will further build on our expertise in complex APIs, positioning AMRI as a preeminent provider of contract research, development and manufacturing services to the pharmaceutical industry," said William Marth, AMRI's president and chief executive.