Breaking News

You are here » Indian-Commodity  :  Corporate  :  Piramal Enterprises inks agreement to acquire Ash Stevens

16-Aug2016

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.



Related News

View all news

Zydus Wellness launches Sugar Lite: Report

Zydus Wellness has reportedly launched a new variant Sugar Lite. The company launched the product first in e-commerce platforms and it is in the process of reaching out to retail outlets. Zydus Wellness......

Bombay Dyeing to close subsidiary in Indonesia

Bombay Dyeing & Manufacturing Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia i.e. PT Five Star Textile Indonesia (PTFS) on December 17, 2018......

Glenmark Pharma presents new data on GBR 1302, HER2xCD3 Bispecific Antibody

Glenmark Pharmaceuticals has presented the new pharmacokinetic data from the ongoing Phase 1 trial of GBR 1302, a HER2xCD3 bispecific antibody, at the European Society for Medical Oncology Immuno-Oncology......

Top News

View all news

Infibeam Avenues' arm incorporates wholly owned subsidiary

Infibeam Avenues' wholly owned subsidiary-- Infibeam Global EMEA FZ-LLC has incorporated a wholly owned subsidiary company namely 'Richrelevants' in BVI, which will be the Step-down Wholly Owned Subsidiary......

Ramco Systems gets order from Global Top 10 Chemical Manufacturing Company

Ramco Systems' Global Payroll platform has been chosen by one of the leading chemical producer and a Global Top 10 Chemical Manufacturing company by revenue, as a Managed Service for its multi-country......

JCT planning to raise funds on preferential basis

JCT is planning for the fresh issuance of equity shares aggregating to Rs 9.16 crore on preferential basis to term lenders. The meeting of the Board of Directors of the Company will be held on December......