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Piramal Enterprises inks agreement to acquire Ash Stevens

Piramal Enterprises (PEL) wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based Contract Development and Manufacturing Organisation ('CDMO'), in an all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over the next six months. This acquisition adds effective molecule manufacturing capabilities to the portfolio of services offered by PEL's Pharma Solutions business. This potential transaction is expected to be completed by end of August.

Ash Stevens has 12 FDA approvals for innovator small molecule APIs and has a pipeline of development products. The Company primarily operates from a FDA approved commercial manufacturing facility located in Riverview, Michigan, USA. The Riverview Facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies.

Piramal Enterprises is an industrial conglomerate company. It operates the businesses of healthcare services, capital management, information management, glass, piramal realty and piramal foundation. It also offers pharma solutions including critical care, imaging, bio-orthopaedics and phytomedicines in healthcare.

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