AMRI completes acquisition of Italian API firm Euticals for €315 million
The deal provides AMRI with an established custom synthesis presence in key European markets
AMRI, a global contract research and manufacturing organisation, has completed the purchase of Italian firm Prime European Therapeuticals, also known as Euticals, for €315 million.
The Lodi, Italy-based firm specialises in custom synthesis and the manufacture of active pharmaceutical ingredients (APIs).
The deal was initially announced on 5 May.
AMRI said the acquisition positions the US firm as 'one of the largest independent developers and suppliers of API to the pharmaceutical industry', and in particular, provides it with an established custom synthesis presence in key European markets.
'We are delighted to have Euticals join the AMRI family as we create an industry leader in global contract research and manufacturing. Euticals' API platform is a significant addition to AMRI's capabilities, and we are excited about the future opportunities our company will have as a result of this pivotal acquisition,' said William S. Marth, AMRI's President and Chief Executive.
Marth added that the deal 'significantly expands AMRI's customer base, further diversifies our revenue streams, and moves us significantly closer to our goal of reaching $1bn in annual revenues by 2018.'
AMRI financed the transaction through a combination of shares and cash.
The firm will provide updated 2016 financial guidance, including the impact of the Euticals' acquisition, in early August when it reports its second quarter financial results.