Piramal Enterprises Limited has acquired US-based Coldstream Laboratories for $30.6 million in an all-cash transaction. Coldstream is a contract development and manufacturing organisation (CDMO) focused on the development and manufacturing of sterile injectable products. Of the $30.6 million, Piramal will use $5.65 million towards the purchase of the facility building which is currently leased to Coldstream, while the rest would be towards purchase of a 100 per cent stake in the company.
Revenues of Coldstream over the last three years are $14 million (2014), $13 million (2013) and $9 million (2012). Coldstream currently employs 91 people.
Coldstream was founded in 2007 and controlled by University of Kentucky Research Foundation (an affiliate of the University of Kentucky). Coldstream has developed differentiated expertise to formulate and manufacture high potency and cytotoxic compounds including Antibody Drug Conjugates (ADCs). The company operates from US FDA approved facility located in Lexington, Kentucky, USA.
Vivek Sharma, chief executive officer, of PEL’s Pharma Solutions business said, “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.