Ajinomoto has entered a definitive agreement to acquire Althea Technologies, a provider of biopharmaceutical development and manufacturing services. The transaction, subject customary closing conditions, is expected to close in early April 2013, at which point Althea will become a fully consolidated subsidiary of Ajinomoto. Financial terms of the deal were not disclosed.
"Ajinomoto is delighted and honored to have Althea, their talented management and employees join our group," said Masatoshi Ito, president and chief executive officer of Ajinomoto Co., Inc. "In combining Ajinomoto's experience in biotechnology, together with Althea's sophisticated technology, experienced personnel, and expertise in cGMP manufacturing, we aspire to expand our business for biopharmaceuticals manufacturing in the U.S. market and strengthen our advanced biomedical businesses."
"This is a great day for Althea, our employees, our customers and investors," said Rick Hancock, president and chief executive officer of Althea. "During the past several months, I have had the opportunity to get to know members of the Ajinomoto team and I am convinced that the combination of our two companies will yield outstanding synergistic benefits. Both companies are dedicated to the highest levels of quality and customer care."
William Blair & Co., LLC served as financial advisor and Cooley LLP served as legal advisor to Althea Technologies in this transaction.