Private equity firm pays $212m for Cambridge Major Labs
pharmafile | January 16, 2013 | News story | Manufacturing and Production |Â Â American Capital, CML, CambridgeÂ
Private equity firm American Capital has said it will pay $212 million to buy out Cambridge Major Laboratories (CML), a contract developer and manufacturer of intermediates and active pharmaceutical ingredients.
Germantown, Wisconsin-based CML has multiple production and R&D facilities in the US and Europe and provides outsourced services from early pre-clinical through commercial manufacturing.
Last year it developed and supplied over 100 APIs for drugs in the early and mid-stages of development, and 14 APIs for medicines that are already commercially available.
Earlier this year, the company announced a major expansion of its large volume API manufacturing facility in Germantown due to what it described as a “significant increase in its late-stage and commercial API pipeline”.
The expansion included additional reactor capacity and engineering controls, as well as investment in isolation equipment to allow it to handle additional projects requiring containment technology. CML also said recently that it would introduce additional containment units at its European facility in Weert, the Netherlands.
The products CML manufactures span a wide range of therapeutic categories – from cancer to neurology to rare genetic diseases – and the company has enjoyed annual growth in excess of 20% over the last five years, which it says is an endorsement of its ‘invest in the West’ strategy at a time when many API producers are setting up production in Asia and other emerging markets.
CML said that the deal with American Capital would allow it to grow its core pharmaceutical chemistry services business, while expanding into “complimentary areas within the life sciences industry”.
Kyle Bradford, who heads American Capital’s buyouts group, said CML’s “market position, complex chemistry abilities, outstanding execution of its service offerings and large state-of-the-art facilities, both in the US and Europe, will allow CML to continue to meet the increased outsourcing demand from pharmaceutical and biotech companies”.
Phil Taylor
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