Small molecule company Cambrex is to be acquired by investment firm Permira for approximately $2.4 billion, the company has announced.
Acquisition
Cambrex has grown its position as a contract development and manufacturing organisation (CDMO) in recent years through numerous acquisitions. Its acquisition of Halo Pharma in 2018 and Avista Pharma Solutions in 2019 enabled Cambrex to broaden customer relationships over the full product lifestyle.
The transaction is expected to be completed by the end of the year, with Cambrex shareholders receiving $60.00 cash for each share of the company’s stock.
“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. “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. “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.”