Piramal Enterprises Ltd.’s U.S. subsidiary has entered into an agreement to acquire Ash Stevens Inc., a U.S. based CDMO in Riverview, MI, for $43 million in cash plus an earn-out consideration of $10 million. The transaction is expected to be completed by the end of August.
 
Ash Stevens has 60,000-sq.-ft. facilities, eight chemical drug development and production labs, and six full-scale production areas. The Riverview manufacturing facility features engineering and containment controls for the safe handling and cGMP manufacture of small and large-scale HPAPIs, with Occupational Exposure Limits (OELs) ≤ 0.1µg/m3. The facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies.
 
“The acquisition of Ash Stevens fits well with our strategy to build an asset platform that offers value to our partners and collaborators. Currently, around 25% of the molecules in clinical development are potent. Our clients are looking for reliable partners that can assist them in advancing these programs forward,” said Vivek Sharma, chief executive officer of Piramal Pharma Solutions. “North America is a key market that we can now service with our three local facilities – the Coldstream Labs in Kentucky for fill finish needs, the Torcan facility in Toronto for complex high value API’s and now, Ash Stevens in Michigan for HPAPIs.”
 
Dr. Stephen Munk, chief executive officer of Ash Stevens, said, “We look forward to working with the Piramal leadership and management team, to develop API solutions that benefit customers and improve the lives of patients. The commitment that Piramal has shown towards growing its healthcare businesses, coupled with the complementary capabilities that our two firms have, makes this an exciting time for Ash Stevens and our employees. We have already identified areas where we can create significant value together, and will be moving forward rapidly to achieve those objectives.”

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