Cambrex Signs Agreement to Acquire ProSyntest AS
Stephanie LaFiura, Investor Relations Associate
East Rutherford, NJ - Cambrex Karlskoga AB, a subsidiary of Cambrex Corporation (NYSE: CBM, "Cambrex"), is pleased to announce it has entered into a purchase agreement for all of the stock of ProSyntest AS, a privately held active pharmaceutical ingredients (API) research and development company. ProSyntest employs approximately twenty five chemists located within the Tallinn Technology Park in Tallinn, Estonia. ProSyntest, formed in 1990 as a spin off from Tallinn University of Technology, has strengths in cost effective chemical route selection and sample generation, rapid scale up of products at kilo lab scale, as well as chiral and organometallic chemistries.
"Cambrex Karlskoga has successfully worked with the ProSyntest chemists for the past fifteen years, and the acquisition of the business is a natural extension of our long standing relationship. ProSyntest, located in Eastern Europe, will enable Cambrex to more effectively compete in the high growth early clinical stage pharmaceutical custom development market and provide us with a strong pool of talented chemists to advance numerous proprietary strategic initiatives," commented Steven Klosk, Executive Vice President & COO of Cambrex Corporation.
The business will be renamed Cambrex Tallinn after completion of the acquisition. Cambrex intends to add more process and analytical chemists at the site and continue early API development work in Tallinn for scale up at Karlskoga and the other Cambrex manufacturing facilities.
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.