Piramal to Acquire HPAPI CDMO Ash Stevens

Piramal Enterprises announced that it has entered into an agreement to acquire 100% stake in Ash Stevens all by cash for a consideration of $42.95 million plus an earn-out consideration capped at $10 million. The transaction is not subject to any regulatory approvals and Piramal expects to close this deal by end of August 2016.

Ash Stevens is a contract development and manufacturing (CDMO) based in Riverview, Michigan serving several bio/pharmaceutical companies worldwide. The CDMO has more than 60,000 square feet facilities, eight chemical drug development and production laboratories, and six full-scale production areas.

Ash Stevens also works with high-potency anticancer agents and other highly potent drugs. Its state-of-the-art manufacturing facility in Michigan is equipped with the necessary engineering and containment controls for the safe handling and cGMP manufacture of small and large-scale HPAPIs, with occupational exposure limits (OELs) ≤ 0.1microggram/m3. The facility has been approved by regulators from US, EU, Australia, Japan, Korea, and Mexico.

Wells Fargo Securities, LLC will serve as exclusive financial advisor to Ash Stevens, with legal counsel provided by Morrison & Foerster LLP.

Source: Piramal Enterprises