Molecular Profiles
Jonathan Lloyd Jones, Vice President & CFO, Columbia Laboratories, Professor Martyn Davies, Chairman, Molecular Profiles, Frank C. Condella, Jr., President and CEO, Columbia Laboratories, Dr Nikin Patel, CEO, Molecular Profiles.Columbia Laboratories has acquired Molecular Profiles, a privately-held, cash-flow positive, UK-based pharmaceutical development services company, for cash and Columbia’s Common stock totalling approximately $25.0 million in aggregate. This acquisition was unanimously approved by the Boards of Directors of both companies and by Molecular Profiles’ shareholders as well. No further approvals are anticipated to be required.
Columbia Laboratories has since announced the appointment of three experienced healthcare executives with over 65 years of collective industry experience to its Board of Directors, effective immediately. Dr. Frank Armstrong and Dr. Nikin Patel have been appointed Directors of the Company, and Dr. Martyn Davies will serve as an Advisor to the Company’s Board. Drs. Davies and Patel are co-founders of Molecular Profiles.
“This transaction represents an exciting step in Columbia’s ongoing transformation and has numerous strategic advantages,” said Frank Condella, Columbia’s president and CEO. “Consistent with our stated strategy, we are deploying our capital to acquire a growing, cash-flow positive and profitable company with a large customer base that strengthens and significantly diversifies Columbia’s revenue stream. We look forward to its continued growth as Molecular Profiles further penetrates the growing pharmaceutical outsourcing market for formulation development and manufacturing services.
“We are also pleased to welcome Drs. Armstrong, Patel and Davies to our Board of Directors,” noted Steve Kasnet, chairman of Columbia’s Board of Directors. “We look forward to benefiting from the insight and vast industry experience these knowledgeable individuals will bring.”
Dr. Nikin Patel, CEO of Molecular Profiles, said: “We are very pleased to join forces with Columbia Laboratories. We expect our current business will continue to grow, and we anticipate improving service to our many customers as part of a larger, well-capitalised, Nasdaq-listed company. Our senior technical staff’s breadth of industrial and CRO experience spanning formulation, manufacturing, analytical and materials science should enable Columbia to realise significant efficiencies in its management of the CRINONE manufacturing process. And, with Columbia’s headquarters in Boston, we look forward to being able to serve our US customers much more effectively and have greater access to the US market.”
Condella concluded: “We are broadening our technical expertise with a management team that is well-recognised in the field of pharmaceutical development and analytical services. This dovetails with Columbia’s historical expertise with drug development and should enable us to enhance our level of technical service to our commercial partners. By transitioning CRINONE quality management and technical support to Molecular Profiles, within close proximity of our CRINONE manufacturing sites and supply chain management in Europe, we anticipate significant improvements in efficiencies and greater responsiveness to Merck Serono, our largest customer for CRINONE.”
Molecular Profiles Ltd, +44 115 871 8888, enquiry@molprofiles.co.uk, www.molprofiles.co.uk.
Columbia Laboratories, Inc., +1 617 639 1500, www.columbialabs.com.