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Cambrex Completes Acquisition of Halo Pharma
EAST RUTHERFORD, N.J., Sept. 12, 2018 (GLOBE NEWSWIRE) -- Cambrex Corporation (NYSE:CBM), a leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients (APIs), today announced it has completed the acquisition of Halo Pharma (Halo), a leading dosage form Contract Development and Manufacturing Organization (CDMO) located in Whippany, New Jersey and Mirabel, Québec, Canada, for approximately $425 million.
This completes the transaction initially announced on July 23, 2018. The addition of the facilities adds formulation development and finished dosage manufacturing capabilities to Cambrex’s existing global API manufacturing network.
The newly acquired Cambrex Whippany and Cambrex Mirabel provide formulation development and clinical and commercial manufacturing services, specializing in oral solids, liquids, creams, sterile and non-sterile ointments. The facilities’ core competencies include developing and manufacturing highly complex and difficult to produce formulations, products for pediatric indications and controlled substances.
“The acquisition is well-aligned with our commitment to providing best-in-class services to meet the needs of our global pharmaceutical, biotech and generic customers and the combined business creates a leading small molecule CDMO with both API and finished dosage development and manufacturing capabilities,” commented Steve Klosk, President and CEO of Cambrex.
Shawn Cavanagh, COO of Cambrex commented, “This acquisition expands our manufacturing footprint with the addition of two state-of-the art, GMP compliant manufacturing facilities in North America, both with a strong reputation for quality and excellent track records with regulatory approvals from the US FDA, EMEA, DEA and Health Canada. We look forward to welcoming the 450-person workforce in joining our existing 1,200 experts across the United States and Europe and to continue to build long-term partnerships with our customers.”
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements about anticipated benefits of the acquisition of Halo by Cambrex Corporation (the “Company”). These and other forward-looking statements may be identified by the fact that they use words such as “guidance,” “expects,” “anticipates,” “intends,” “estimates,” “believes” or similar expressions. Any forward-looking statements contained herein are based on current plans and expectations and involve risks and uncertainties that could cause actual outcomes and results to differ materially from current expectations. The factors described in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the period ended December 31, 2017 captioned “Risk Factors,” or otherwise described in the Company’s filings with the SEC provide examples of such risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations the Company describes in its forward-looking statements, including, but not limited to, customer and product concentration, the Company’s ability to win new customer contracts and renew existing contracts on favorable terms, significant declines in sales of products to our customers, pharmaceutical outsourcing trends, competitive pricing or product developments, market acceptance and adoption rate of its customers’ products, government legislation and regulations (including those pertaining to environmental issues), tax rate, interest rate, technology, manufacturing and legal issues, including the outcome of outstanding litigation, environmental matters, changes in foreign exchange rates, uncollectible receivables, the timing and/or volume of orders or shipments and the Company’s ability to meet its production plan and customer delivery schedules, expected timing of completion of capacity expansions, our ability to successfully integrate acquired businesses (including Halo) and to realize anticipated benefits from acquisitions, loss on disposition of assets, cancellations or delays in renewal of contracts, lack of suitable raw materials, the Company’s ability to receive regulatory approvals for its products, continued demand in the U.S. for late stage clinical products and the successful outcome of the Company’s investment in new products.
For further details and a discussion of these and other risks and uncertainties, investors are encouraged to review the Cambrex Annual Report on Form 10-K for the fiscal year ended December 31, 2017, including the Forward-Looking Statement and Risk Factors sections therein, and other filings with the SEC. The Company cautions investors and potential investors not to place undue reliance on the forward-looking statements contained in this press release and to give careful consideration to the risks and uncertainties listed above and contained in the Company’s SEC filings. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.
Cambrex Corporation is an innovative life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals. Development and manufacturing capabilities include enzymatic biotransformations, high potency APIs, high energy chemical synthesis, controlled substances and continuous processing. For more information, please visit www.cambrex.com
Halo Pharma is a rapidly growing contract development and manufacturing organization (CDMO) that provides scientific and development expertise as well as a wide spectrum of manufacturing services from its locations in Whippany, New Jersey, USA and Montreal, Québec, Canada. Halo offers fully integrated product development and commercialization capabilities in a variety of dosage forms including tablets, capsules, powders, liquids, creams, sterile and non-sterile ointments and suppositories. Halo Pharma’s capabilities in the areas of tech transfer, process and product development, production, scale-up/validation and analytical method development allow us to partner with clients from development through commercialization or at any point along the way. For more information, please visit www.halopharma.com
Director, Marketing and Communications, Cambrex
Tel: +44 7803 443 155