Cambrex completes $252 million acquisition of Avista

Jan 02, 2019

Cambrex, manufacturer of small molecule and generic Active Pharmaceutical Ingredients (APIs), has completed the acquisition of Avista Pharma Solutions, a contract development, manufacturing and testing organization, for approximately $252 million

The transaction, announced last November, is meant to strengthen Cambrex’s position as a fully integrated small molecule contract development and manufacturing organization (CDMO) across the entire drug lifecycle.

Avista’s four sites in Durham, NC, Longmont, CO, Agawam, MA and Edinburgh, Scotland, UK will be integrated into Cambrex’s network, as well as the company’s service offerings ranging from API and drug product development and cGMP manufacturing to stand-alone analytical, microbiology testing and solid state sciences.

"Acquiring Avista adds a full complement of early stage development capabilities to Cambrex’s larger scale capabilities for both APIs and finished dosage forms," said Steve Klosk, president and CEO of Cambrex. "We are excited to start off 2019 integrating Avista into Cambrex’s global network of facilities. Adding Avista today and Halo Pharma in September significantly increases our customer base and funnel of projects, provides significant cross selling opportunities and allows us to offer an integrated service offering for most small molecules from the pre-clinical stage through the commercial stage."

The acquisition of Avista was funded with a combination of cash on hand and borrowings under Cambrex’s new senior secured credit facility, following a refinancing that was also completed today. The new facility, which replaces Cambrex’s prior facility, includes a five-year $200 million term loan and a $600 million revolving credit facility.

Read the full release here

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