OR WAIT 15 SECS
An affiliate of the Permira funds has signed an agreement to purchase Cambrex in an approximately $2.4-billion transaction.
Cambrex, a contract development and manufacturing organization, announced on Aug. 7, 2019 that the company had signed a definitive agreement to be acquired by an affiliate of Permira, a global investment firm. Cambrex shareholders will receive $60 in cash for each share of Cambrex common stock. The transaction, which is expected to close in the fourth quarter of 2019, is valued at approximately $2.4 billion and will be financed through debt and equity financing. Cambrex may solicit other acquisition proposals from third parties, as part of the agreement, during a 45-day period starting from the date of the agreement.
“We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space. This agreement is a strong endorsement of our strategy and represents significant value for our shareholders,” commented Steve Klosk, president and CEO of Cambrex, in a press release. “Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world class services.”
“We are very excited to back Cambrex in its next phase of growth,” said Henry Minello, Principal in the Global Healthcare Group of Permira, in the release. “Over many years, Cambrex has built a leading position with best-in-class capabilities and facilities, backed by an excellent reputation for quality and technical expertise. We look forward to partnering with Cambrex’s talented management and employees to support the growth of its integrated services offering.”
Cambrex expanded its offerings with the purchase of Halo Pharma in 2018 and Avista Pharma Solutions in 2019, adding drug product manufacturing and early stage and analytical testing services to its portfolio.