AMRI Acquires Manufacturing Facilities in India
Albany Molecular Research, Inc. has signed a definitive agreement to acquire two pharmaceutical manufacturing sites, along with additional land for future expansion, in Aurangabad and Navi Mumbai, India.
Under the terms of the agreement, AMRI will acquire the assets - including facilities, employees, products and equipment - of Ariane Orgachem Pvt. Ltd. in Aurangabad and Ferico Laboratories Ltd. in Navi Mumbai for approximately $11 million in cash. All of the facilities are currently owned by the Runwal Group and manufacture a range of pharmaceutical intermediates and bulk active ingredients, including treatments for diabetes, heart disease and asthma.
As part of the purchase, AMRI will obtain additional land in Aurangabad and plans to invest approximately U.S. $15 million to expand capabilities there over the next three years. The proposed expansion includes increasing capacity, as well as bringing these facilities into compliance with U.S. Food and Drug Administration regulations for manufacturing clinical trial materials and commercial drug substances. Subject to customary closing conditions, the transaction is expected to close during the second or third quarter of 2007. The purchase is projected to be neutral to slightly dilutive to AMRI's earnings by approximately ($0.01) to ($0.02) this year, and accretive by the end of 2008. In fiscal year 2006, these assets collectively generated approximately U.S. $5 million in revenue.
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