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Recro acquires CDMO IRISYS, establishing a bi-coastal presence in the US.
Recro Pharma, a contract development and manufacturing organization (CDMO) specializing in oral solid dose drug products, has acquired fellow CDMO IRISYS. The company was acquired for approximately $50 million in a combination of cash, shares of Recro common stock, and a seller promissory note.
In a company press release from August 13, 2021, Recro stated that they acquired the company because it would expand their client base and service options. Recro is based out of Exton, PA, whereas IRISYS is based in San Diego. This acquisition complements Recro’s existing services on the East Coast.
The acquisition will expand Recro’s technical focus beyond oral solid dose drug products. They can now also work with sterile injectables, oral liquids, tablets, topicals, liquid/powder filled capsules, ophthalmic droppers, liposomes, and nano/microparticles.
“Today’s acquisition of IRISYS is truly a transformative transaction for Recro.” said David Enloe, president and CEO of Recro. “The joining of these two companies creates an organization that is ideally positioned to achieve Recro’s previously disclosed four-pronged strategy for growth, which includes strengthening the organization’s leadership and talent, expanding and diversifying our client base, fortifying our financial position, and enhancing our capabilities and competencies.”