AMRI To Buy Italy-based APIs Firm Euticals For $358 Million - Quick Facts

(RTTNews) - Albany Molecular Research Inc. (AMRI) announced Thursday that it has signed a definitive agreement to acquire all outstanding shares of Prime European Therapeuticals S.p.A., also known as "Euticals", for approximately $358 million or 315 million euros. The value consists of shares of AMRI common stock, cash, and a seller note.

The deal significantly expands AMRI's presence in the European community. The transaction is expected to be accretive to AMRI's 2016 adjusted earnings per share.

Euticals is an Italy-based privately-held company specializing in custom synthesis and the manufacture of active pharmaceutical ingredients or APIs. It operates a network of API facilities primarily in Italy, Germany, U.S. and France.

In connection with the closing of the transaction, Fernando Napolitano will be joining AMRI Board of Directors on behalf of Lauro Cinquantesette, S.p.A and its majority investors, Clessidra Capital Partners II and Mandarin Capital Partner SCA SICAR.

Margalit Fine, Euticals' chief executive officer and former head of European API at Teva, will be leading Euticals' operations as a senior executive for the combined company.

AMRI further said its 2017 pro forma revenue is expected to exceed $750 million, with 2017 adjusted EBITDA margins of 20%.