Life sciences company, Cambrex Corporation, has announced an agreement to acquire small molecule drug discovery company PharmaCore.
Business Merger
PharmaCore develops and produces small complex Active Pharmaceutical Ingredients (APIs) and intermediates requiring a multi-step synthetic process to support clinical trials from Phase I to Phase III. The company occupies a 35,000 sq. ft. GMP site in North Carolina, USA.
The acquisition, which is approximated to cost $25 million, will enhance Cambrex’s portfolio of small molecule API services and complement the company’s multi-purpose manufacturing facilities in the US and Europe.
CEO of Cambrex, Steven Klosk said: “We are excited to announce our acquisition of PharmaCore, which we believe underlines our commitment to continually enhancing our service offering to our global pharmaceutical and biotech customers. The acquisition will provide the capability and expertise to efficiently develop early clinical phase products and new technologies. We expect PharmaCore’s substantial customer base and robust project pipeline to broaden our potential late stage clinical development and commercial manufacturing opportunities,”
Cambrex has invested over $200 million in projects within its existing facilities. The expansions have aided the company’s manufacturing capacity and API capabilities.
Rob Maddox, president of PharmaCore said, “PharmaCore is proud of the reputation we have developed, both as a trusted CMO and a company with a strong track record of innovative chemistry. We are thrilled to be joining Cambrex’s global network and to have the opportunity to participate in Cambrex’s growth strategy.”