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Piramal Enterprises announced today that its wholly-owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens., a US-based Contract Development and Manufacturing Organization (CDMO), in an all cash deal for a consideration of $42.95 million plus an earn-out consideration capped at $10 million.
Located in Riverview, Michigan, Ash Stevens has over 50 years of experience in contract manufacturing, and serves several biotech, mid-size pharma, and large pharmaceutical clients worldwide.
With over 60,000 sq. ft. of facilities, eight chemical drug development and production laboratories, and six full-scale production areas, Ash Stevens has built a stellar reputation, led by science, driven by operational excellence, and one that emphasizes quality as a culture.
As one of the leaders in HPAPI manufacture, Ash Stevens has an impeccable safety record of working with high potency anti-cancer agents and other highly potent therapeutics.
The state-of-the-art manufacturing facility in Michigan features all necessary engineering and containment controls for the safe handling and cGMP manufacture of small and large-scale HPAPIs, with Occupational Exposure Limits (OELs) ≤ 0.1µg/m3.
The facility has approvals from US, EU, Australia, Japan, Korea, and Mexican regulatory agencies.
"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% of the molecules in clinical development are potent. Our clients are looking for reliable partners that can assist them in advancing these programs forward," said Mr Vivek Sharma, CEO of Piramal Pharma Solutions.