Albany Molecular Research Inc (AMRI) acquires Spanish drug development group, Gadea Pharmaceutical for $174 million
Friday, July 17, 2015
Albany Molecular Research Inc. announced that it has acquired a private drug development company in Spain for $174 million.
The Albany, New York drug development company acquired Gadea Pharmaceutical Group, which develops active pharmaceutical ingredients.
AMRI (NASDAQ: AMRI) is a homegrown public company, best known for developing the active ingredient in the allergy drug Allegra.
The $174 million deal includes the issuance of 2.2 million shares to Gadea owners. The remainder of the purchase will be paid in cash through the assumption of Gadea's current debt.
The deal is AMRI's third acquisition this year. President and CEO William Marth said the agreement gives AMRI a boost as it works to become a preeminent supplier of custom and complex drug development services. The acquisition also gives AMRI access to 400 customers in 70 countries.
Gadea is expected to continue operating independently. Gadea's revenue in 2014 was about $83 million. This year, revenue is projected to be between $80 million and $90 million.
In 2014, revenue at AMRI was $276.6 million, up from $246.6 million the year prior.
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