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US research giant acquires Scots lab

New York medical company swoops for Glasgow drugs firm

AMRIA New York medical research company has acquired the Glasgow operations of an international drugs developer for $24 million (£16m).

Albany Molecular Research Inc (AMRI) is buying the Aptuit facility based on the Todd Campus at the West of Scotland Science Park, and is expected to acquire Aptuit’s operations in Indiana for a further $36m.

Aptuit chief executive Dr Jonathan Goldman said: “The sale of these sites to AMRI is part of our strategy to divest non-core assets and invest in our core competency of integrated early discovery to mid-phase drug development.”

AMRI has been working in global contract research and manufacturing for 22 years and said Aptuit’s Glasgow facility will extend its capabilities to include sterile injectable drug product formulation and clinical stage manufacturing.

The company has 1,300 employees and in 2013 had a turnover of $246m, up from $226m in the previous year.

William S Marth, president and chief executive, said: “We are very pleased to acquire these two facilities  from Aptuit, which will further AMRI’s expertise in drug product development and aseptic manufacturing services, two areas of our business where we are seeing the fastest level of growth.

“In addition, having a Glasgow base of operations provides us with an expanded footprint and customer base in Europe for our parenteral offerings, furthering one of our strategic goals.”

AMRI expects to complete the transaction early in the first quarter. It is financing the transaction with cash and borrowings under its expanded $75 million revolving credit facility. The Aptuit businesses are expected to contribute $25 to $30 million to AMRI’s revenue and $5 to $7 million to adjusted EBITDA in 2015, implying a purchase price multiple of two times 2015 revenue at the top end of the range.

The company anticipates the acquisition will be accretive to full year 2015 adjusted earnings and intends to provide investors with updated 2015 guidance for the combined company when it releases its fourth quarter and full year 2014 financial results next month.

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