MUMBAI: Ajay Piramal-promoted Piramal Enterprises said it has acquired United States-based Ash Stevens, a contract development and manufacturing company in an all-cash deal valued at nearly $43 million, in addition to an earn-out consideration capped at $10 million.
The deal bolsters the company’s manufacturing capabilities and adds several biotech and pharmaceutical clients. Ash Stevens has developed high potency active pharmaceutical ingredients or APIsBSE 0.00 % with an impeccable safety record of working with high potency anti-cancer agents and other such therapeutics, Piramal Enterprises said in a statement.
Michigan-based Ash Stevens will be the third facility for Piramal Enterprises in the North American market. It has Coldstream Labs facility located in Kentucky and Torcan in Toronto that is used to make complex high-value APIs.
According to Vivek Sharma, CEO of Piramal Pharma Solutions, the facilities with a differentiated platform and geographical proximity to clients are critical for building strategic partnerships. Sharma said the latest buyout can be synergistic with the antibody drug conjugates and injectable business.
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Source: Economic Times
