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Billionaire Ajay Piramal-controlled Piramal Enterprises has entered into an agreement to acquire the entire stake in US-based Ash Stevens in an all cash deal of $42.95 million and an earn-out consideration capped at $10 million.
This transaction is expected to be completed by the end of August.
Piramal Enterprises has entered into the agreement through its wholly-owned subsidiary in the US. Located in Riverview, Michigan, Ash Stevens is a Contract Development and Manufacturing Organisation (CDMO).
“The acquisition of Ash Stevens fits well with our strategy to build an asset platform that offers value to our partners and collaborators. Currently, around 25 per cent of the molecules in clinical development are potent. Our clients are looking for reliable partners that can assist them in advancing these programmes forward,” said Vivek Sharma, CEO of Piramal Pharma Solutions.
“We expect this acquisition to also be synergistic with our Antibody Drug Conjugates (ADCs) and injectable business. We can now fulfill client requirements for a single source of supply for both high potent APIs and drug products,” he added.
Wells Fargo Securities was the financial advisor to Ash Stevens, with legal counsel provided by Morrison & Foerster.
rajesh.kurup@thehindu.co.in
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