Piramal acquires US-based contract manufacturing firm

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.