02.07.2007 12:30:00

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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