Cambrex Corp acquires 51% stake in India's Zenara for $20 million

New Jersey, USA-based drugmaker Cambrex Corp (NYSE: CBM) says that it acquired a 51% stake in Zenara Pharma, a Hyderabad, India based pharmaceutical company focused on the formulation of final dosage form products, for $20 million, which may be adjusted based on closing date working capital balances.

As part of the agreement Cambrex will acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortization and cumulative EBITDA for the years 2011 through 2015. The Indian company will be renamed Cambrex Zenara.

Highlights of the acquisition