02.07.2007 12:30:00
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AMRI Completes Acquisition of Manufacturing Facilities in India
Albany Molecular Research, Inc. (NASDAQ: AMRI) has completed its
acquisition of two pharmaceutical manufacturing sites, along with
additional land for expansion, in Aurangabad and Navi Mumbai, India for
approximately $11 million in cash.
On May 21, 2007 AMRI announced the signing of a definitive agreement to
acquire from the Runwal Group the assets of Ariane Orgachem Pvt. Ltd. in
Aurangabad and Ferico Laboratories Ltd. in Navi Mumbai. The existing
facilities currently manufacture a range of pharmaceutical intermediates
and bulk active ingredients, including treatments for diabetes, heart
disease and asthma. AMRI also has obtained additional land in Aurangabad
and plans to invest approximately U.S. $15 million to expand and upgrade
manufacturing capabilities over the next three years. In addition to
expansion and improvement of intermediates and active pharmaceutical
ingredient (API) manufacturing capabilities, investments will include
upgrades to existing environmental and safety systems and procedures,
improvements to waste water treatment facilities, and other enhancements
to ensure the preservation of local environmental resources. Plans also
include the retention and on-the-job training of approximately 200
employees, and the creation of additional skilled employment
opportunities in support of AMRI’s expansion
plan, further contributing to the local economy.
Concurrently, AMRI announced that Prasad S. Raje, Ph.D. has assumed
leadership responsibility for AMRI’s
manufacturing business in India, and has transferred from Syracuse, New
York to company offices in Mumbai. Dr. Raje will report to Jonathan
Evans, AMRI Vice President for Pharmaceutical Development and
Manufacturing.
Born in Mumbai and educated in Ahmedabad, Dr. Raje joined AMRI in 2002
in the company’s chemical development
department. After positions at Mount Prospect and Albany, Dr. Raje
ultimately led all technical and commercial operations at the company’s
Syracuse Research Center.
Prior to joining AMRI, Dr. Raje was a senior research scientist at
Abbott Laboratories, near Chicago. He earned a B.S. and M.S. in
chemistry at Gujarat University in India, then received a Ph.D. in
organic chemistry at Auburn University in the United States. He
conducted postdoctoral research at Auburn University, as well as at the
Research Triangle Institute in North Carolina.
"We are pleased to complete the acquisition of
these manufacturing sites in Aurangabad and Navi Mumbai,”
said AMRI Chairman, President and Chief Executive Officer Thomas E. D’Ambra,
Ph.D. "These assets contribute to the
globalization of our contract services platform from laboratory scale to
manufacturing. In addition to our plan to make investments to improve
the operations and grow the existing business already conducted from
these facilities, we look forward to short term synergies resulting from
leveraging our supply chain by preparing in India starting materials and
intermediates for projects conducted at our Rensselaer, New York
manufacturing facility. Longer term, we anticipate expanding the line of
generic API’s prepared in India that we can
market throughout the world, providing additional synergies with our
existing Hyderabad, India development laboratories and creating global
custom manufacturing opportunities for AMRI’s
extensive client base.” "We are pleased that Dr. Raje has accepted
this important position as we further globalize our custom manufacturing
and contract services platform,” said
Jonathan Evans. "Dr. Raje is uniquely suited
to lead our manufacturing operations in India. His successful leadership
of our Syracuse operations demonstrated he has the technical and
management strength to take on this important investment in AMRI’s
future. As a returnee to India, Dr. Raje brings his record of
accomplishment and experience within AMRI’s
operations and culture to an important new part of our business. In
addition to overseeing our manufacturing operations and planned
expansion in Aurangabad, Dr. Raje will play an integral role in
welcoming new employees to the AMRI team, working closely with customers
and, most importantly, ensuring that AMRI is an important and growing
member of the local community.”
Founded in 1991, AMRI provides scientific services, products and
technologies that improve quality of life while delivering excellence,
value and maximum return. AMRI's core business consists of a fee-for
service contract services platform encompassing drug discovery,
development and manufacturing; and a separate, standalone R&D division
comprising proprietary technologies, internal drug discovery and bundled
capabilities designed for more collaborative relationships. With
locations in the U.S., Europe, and Asia, AMRI provides customers with a
range of services and cost models.
Statements in this press release that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
These statements may be identified by forward-looking words such as
"may," "could," "should," "would," "will," "intend," "expect,"
"anticipate," "believe" and "continue" or similar words. Readers should
not place undue reliance on our forward-looking statements. The
company's actual results may differ materially from such forward-looking
statements as a result of numerous factors, some of which the company
may not be able to predict and may not be within the company's control.
Factors that could cause such differences include, but are not limited
to, the reaction of customers of the company and of the acquired
facility to the acquisition; the company's timing and ability to
successfully integrate the acquired facilities (including migration of
the acquired facilities to the company's systems and controls) and
employees; the introduction of new services by competitors or the entry
of new competitors into the markets for the company's and the acquired
facilities' services; the failure by the company to retain key employees
at the acquired facilities; failure to further develop and successfully
market the acquired facilities' service and product offerings; failure
to achieve anticipated revenues and earnings; failure of the acquired
facilities to comply with U.S. Food and Drug Administration regulations;
costs related to the acquisition; the company's ability to attract and
retain experienced scientists; trends in pharmaceutical and
biotechnology companies outsourcing of chemical research and
development; the company's ability to enforce its intellectual property
and technology rights; the risks posed by international operations to
the company; and the company's ability to effectively manage its growth,
as well as those factors discussed in the company's Annual Report on
Form 10-K for the year ended December 31, 2006 as filed with the
Securities and Exchange Commission on March 15, 2007 and the company's
other SEC filings. The company does not undertake any duty to and does
not intend to update any forward-looking statements contained in this
press release after the date of this press release.
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