Cambrex has acquired a 51% stake in Zenara Pharma, a Hyderabad, India-based pharmaceutical company focused on the formulation of final dosage form products, for $20m.
Pursuant to the stock purchase agreement, Cambrex is expected to acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortisation (EBITDA) and cumulative EBITDA for the years 2011 through 2015.
Cambrex president and CEO Steve Klosk said that the transaction represents a step in the company's strategic objective of enhancing their technology portfolio and providing products to the pharmaceutical industry.
"The integration of Cambrex's API and drug delivery business with Zenara's formulation and finished dosage experience enables Cambrex to provide benefit to our pharmaceutical customers," Klosk said.
Cambrex Zenara president Ashok Narasimhan said that Cambrex is a natural partner for Zenara.
