Cambrex Completes Sale of Bio Business
Stephanie LaFiura, Investor Relations Associate
East Rutherford, NJ - Cambrex Corporation (NYSE: CBM, "Cambrex") today announced that it has completed the sale of its Bioproducts and Biopharma subsidiaries (the "Bio Businesses") to Lonza Group AG. The sale was approved by an overwhelming majority at a Special Meeting of Shareholders held yesterday.
James A. Mack, Chairman, President and Chief Executive Officer of Cambrex said: "We are pleased to have completed this important step in our yearlong effort to enhance shareholder value. Assuming financing can be arranged under favorable terms at anticipated levels, we expect to distribute $13.50 to $14.50 as a special dividend to shareholders in the near future. Our shareholders will have a continued interest in a global, diversified life sciences company focused on Active Pharmaceutical Ingredients and Pharmaceutical Services. Cambrex is well positioned to create further shareholder value by building upon our strong brand recognition, leveraging our position in high growth niche markets, capitalizing on our recent investments in facilities and employees and continuing cost reduction programs. The sale of our Bio Businesses was an important milestone for Cambrex. We are excited about our growth prospects as we concentrate our resources on the pharmaceutical products and services business."
Cambrex Corporation is an innovative life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals. Development and manufacturing capabilities include enzymatic biotransformations, high potency APIs, high energy chemical synthesis, controlled substances and formulation of finished dosage form products. For more information, please visit www.cambrex.com.