Of the total amount, $5.65 million would be towards the purchase of the facility building which is currently leased to Coldstream, while the rest would be towards purchase of shares
Piramal Enterprises has invested $30.65 million towards acquiring Coldstream Laboratories (Coldstream), through its wholly-owned subsidiary in the US in an all cash transaction.
Of this, $5.65 million would be towards the purchase of the facility building which is currently leased to Coldstream, while the rest would be towards purchase of 100 per cent of the company’s shares.
Vivek Sharma, Chief Executive Officer, PEL’s Pharma Solutions business said “Coldstream has been able to build significant customer relationships and track record for sterile products. 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. Our strong capabilities in sterile product development and in ADC product segment will allow us to offer an integrated solution to our customers.”
Bill Wedlake, President, PEL’s Pharma Solutions Formulations business said, “We have been impressed by the quality of the people at Coldstream and their success in both attracting high quality business and also their track record in quality. Coldstream’s use of isolator technology is impressive and provides a foundation for expansion of the facility to provide large scale commercial manufacturing including production of highly potent compounds.”
Coldstream is a Contract Development and Manufacturing Organisation (CDMO) focused on the development and manufacturing of sterile injectable products. Coldstream was founded in 2007 and is majority owned by University of Kentucky Research Foundation (an affiliate of the University of Kentucky).
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