Piramal Enterprises inked an agreement to acquire Ash Stevens, a U.S.-based contract development and manufacturing organization for $42.95 million plus an earn-out consideration capped at $10 million.
The sale includes over 60,000 sq. ft. of facilities, eight chemical drug development and production laboratories, and six full-scale production areas.
“The acquisition of Ash Stevens fits well with our strategy to build an asset platform that offers value to our partners and collaborators. Currently, around 25% of the molecules in clinical development are potent. Our clients are looking for reliable partners that can assist them in advancing these programs forward,” said Vivek Sharma, CEO of Piramal Pharma Solutions.
The India-based company now has three North America facilities—Coldstream Labs in Kentucky for fill finish needs, the Torcan facility in Toronto for complex high-value active pharmaceutical ingredients (APIs), and now, Ash Stevens in Michigan for highly potent APIs (HPAPIs).