Albany, NY (April 4, 2014) – AMRI (NASDAQ: AMRI) today announced that it has completed the previously announced acquisition of Cedarburg Phar- maceuticals, Inc.
Cedarburg, whose capabilities both augment and complement those of AMRI, is a contract developer and manufacturer of technically complex active pharmaceutical ingredients (API’s) for both generic and branded customers. The transaction is consistent with AMRI’s strategy to be the preeminent supplier of custom and complex drug development services and product to both the branded and generic pharmaceutical industry. Customers will benefit from access to a greater breadth of resources, includ- ing development of complex API, expanded scale-up capabilities and large scale manufacturing in lower cost environments.
Total consideration paid was $41 million, including assumption of certain liabilities. AMRI financed the transaction with cash on hand. The acquisition is expected to add between $13 and $14 million to AMRI’s revenue in 2014. AMRI anticipates full year run-rate synergies of approximately $1.5 million of EBITDA within 12 months of closing and the acquisition is expected to be accretive to AMRI’s 2014 adjusted diluted EPS in the range of $0.06 to $0.07 per share. Items excluded from non-GAAP financial results are expected to include all transaction-related costs, including amortization of intangible assets.
About AMRI
Albany Molecular Research, Inc. (AMRI) is a global contract research and manufacturing organization offering customers fully integrated drug dis- covery, development and manufacturing services. For over 22 years, AMRI has demonstrated its adaptability as the pharmaceutical and biotechnology industries have undergone tremendous change in response to multiple challenges. This experience, a track record of success and locations in the United States, Europe and Asia now provides our customers with SMART- SOURCINGTM, a full range of value-added opportunities providing customers with informed decision-making, enhanced efficiency and more successful outcomes at all stages of the pipeline. AMRI has also successfully partnered R&D programs and is actively seeking to out-license its remaining programs for further development. For more information about AMRI, please visit our website at www.amriglobal.com or follow us on Twitter (@amriglobal).
Contacts
Investors:
Michael Nolan
AMRI Chief Financial Officer
518-512-2261
Media:
Gina Rothe
AMRI Communications
518-512-2512