AMRI To Buy Cedarburg Pharma For $38.2 Mln

(RTTNews) - Albany Molecular Research, Inc. (AMRI), a provider of global contract research and manufacturing services to the pharmaceutical and biotechnology industries, Monday said it has agreed to buy Cedarburg Pharmaceuticals, Inc., a developer of complex active pharmaceutical ingredients, for $38.2 million cash. The transaction, which includes assumed liabilities to the tune of $2.8 million, is valued at $41 million. The acquisition is expected to add $0.06 to $0.07 to AMRI's adjusted earnings and $13 million to $14 million to revenue in 2014. Albany said it plans to finance the deal through cash currently held by AMRI.

The company said the transaction is the first step in building out its API capabilities, and broaden offerings and customer base.

Cedarburg Pharmaceuticals has provided API development and manufacturing for 13 approved products. Its core capabilities include controlled substances, steroids, prostaglandins, vitamin D analogs, conjugation chemistry and inorganics for the analgesic, ophthalmology and oncology therapeutic areas.