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Piramal Invests $30.6 Million in Coldstream Acquisition
Piramal Enterprises (PEL) announced on Jan. 16, 2015 that it had invested $30.6 million USD toward the acquisition of Coldstream Laboratories, a contract development and manufacturing organization focused on the development and manufacture of sterile injectables, in an all cash transaction. Of this investment, $5.6 million would be used to purchase Coldstream’s facility, adding to PEL’s multiple “Pharma Solutions” facilities in India, as well as locations in Canada and the UK, according to the website. The rest of the investment would go toward 100% of the company’s shares.
Coldstream is majority owned by the University of Kentucky Research Foundation, and operates from a facility in Lexington, Kentucky. According to the company website, it offers a variety of drug product manufacturing services including liquid and lyophilized parenterals, process development and optimization, terminal sterilization, aseptic and non-aseptic pilot scale manufacturing, preclinical to Phase III manufacturing, and niche commercial products. (http://www.coldstreamlabs.com/contract-manufacturing/)
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