Piramal to acquire US contract manufacturer Ash Stevens

Via its wholly-owned US subsidiary, Indian drugmaker Piramal Enterprises (BSE: 500302) has entered into an agreement to acquire 100% stake in Ash Stevens, a USA-based contract development and manufacturing organization (CDMO).

This is an all cash deal for a consideration of $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, said Piramal Pharma Solutions.

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 facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies, the company noted.