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Pharmaron, a leading R&D service provider, has signed an Asset Purchase Agreement to acquire the Coventry API manufacturing site in Rhode Island from Noramco. This strategic move aims to enhance Pharmaron's chemistry and manufacturing capabilities in the US, thereby expanding its global service offerings. The Coventry Site has been FDA-approved and is equipped for cGMP API manufacturing. The acquisition is expected to close after meeting standard conditions, reinforcing Pharmaron's position in the integrated drug R&D and manufacturing market.
Positive
Acquisition of Coventry API site strengthens Pharmaron's US presence.
Coventry Site is FDA-approved, enhancing regulatory compliance.
Integration of Coventry will enrich Pharmaron's global chemistry services.
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None.
Continues to strengthen its global chemistry and manufacturing capabilities and capacities
BEIJING--(BUSINESS WIRE)--
Pharmaron Beijing Co., Limited (Stock Code: 300759.SZ/3759.HK) (“Pharmaron”) announced today that it has entered into a definitive Asset Purchase Agreement to acquire the Coventry API manufacturing site (the “Coventry Site”) in the United States from Noramco. The transaction is expected to close upon the satisfaction of customary closing conditions.
The Coventry Site in Rhode Island has an established history of cGMP API manufacturing from pilot kilogram to commercial metric ton scales. The state-of-the-art manufacturing facilities have been inspected and approved by the FDA, EMA and other regulatory authorities.
This acquisition expands Pharmaron's world-class chemistry and manufacturing global services into the US, which is an important component of its fully integrated platform. Together with the existing service capabilities and capacities in China and the UK, this site addition will further strengthen Pharmaron’s global end-to-end chemistry and manufacturing service offerings to provide customized solutions to meet our partners’ geographic and strategic needs.
Dr. Boliang Lou, Chairman and Chief Executive Officer of Pharmaron, commented, “We are delighted to have the Coventry Site join the Pharmaron Group. Its proven regulatory and commercial manufacturing track record, combined with the highly experienced and stable team, provides a unique opportunity to rapidly expand our chemistry and manufacturing services capabilities in North America and enrich our global network of services. This transaction is another important step in realizing our vision of becoming a leading global provider of integrated drug R&D and manufacturing services.”
O’Melveny acted as legal advisor and Ernst & Young acted as financial advisor to Pharmaron.
About Pharmaron
Pharmaron (Stock Code: 300759.SZ/3759.HK) is a premier R&D service provider for the life sciences industry. Founded in 2004, Pharmaron has invested in its people and facilities and established a broad spectrum of research, development and manufacturing service capabilities throughout the entire drug discovery, preclinical and clinical development process across multiple therapeutic modalities, including small molecules, biologics and CGT products. With over 15,000 employees, and operations in China, the U.S., and the U.K., Pharmaron has an excellent track record in the delivery of R&D solutions to its partners in North America, Europe, Japan and China. www.pharmaron.com
