Piramal Snaps Up Coldstream Laboratories Inc. for $30.65 Million
Published: Jan 21, 2015
January 20, 2015
By Krystle Vermes, BioSpace.com Breaking News Staff
India-based Piramal Enterprises Limited announced on Jan. 16 that it will acquire Coldstream Laboratories Inc. through its U.S. subsidiary for $30.65 million. A total of $5.65 million will go toward the purchase of a facility building leased to Coldstream, while the rest of the money will be for company shares. Coldstream, which develops and manufactures sterile injectable products, was created in 2007 by the University of Kentucky Research Foundation.
Throughout its existence, Coldstream has been able to formulate and manufacture high potency and cytotoxic compounds including antibody drug conjugates. Currently, it operates out of Lexington, Ky.
“Coldstream is a very high quality operation and has been able to build significant customer relationships and track record for sterile products,” said Vivek Sharma, the chief executive officer of PEL’s Pharma Solutions business. We see this as a great platform for growth in our Pharma Solutions business. This acquisition allows PEL to move further into the injectable market segment and should have strong synergy with our existing Pharma Solutions business. Our strong capabilities in sterile product development and in ADC product segment will allow us to offer an integrated solution to our customers.”
Piramal Enterprises Limited is a leading player in the global market of custom research and manufacturing services. It has also specialized in the development of critical care products such as inhalation and injectable anaesthetics.
“We have been impressed by the quality of the people at Coldstream and their success in both attracting high quality business and also their track record in quality,” said Bill Wedlake, president of Pharma Solutions. “Coldstream’s use of isolator technology is impressive and provides a foundation for expansion of the facility to provide large scale commercial manufacturing including production of highly potent compounds.”
The Achievements of Pharma Solutions
In April 2014, Pharma Solutions announced that it had been recognized by Life Science Leader with CMO Leadership Awards for 2013 in two categories – quality and reliability. Pharma Solutions has grown as a global pharmaceutical contract development and manufacturing organization since its initial conception.
“These awards are a representation of our work which all our sites have been implementing for our customers,” said Sharma, at the time of the announcement. “This recognition is a huge achievement for us and a step forward in our mission to move towards ‘Customer Centricity.’ Being customer centric is not just about asking what the customer wants, it is about reading signs, preempting expectations and going beyond what is an obvious choice.”
BioSpace Temperature Poll
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