Cambrex Corp. has entered into an agreement with Lonza Group AG for the sale of its bioproducts and biopharma segments for $460 million in cash. The sale of the bio businesses, which is subject to Cambrex stockholder approval and customary regulatory approvals, is expected to close during the next few months.

The bioproducts business manufactures and markets research, therapeutic and analytical testing products based on cell biology used in drug discovery and biotherapeutic manufacturing. The biopharma business offers process development services and contract manufacturing under cGMP conditions for therapeutic proteins, vaccines and other biologic drugs.

James A. Mack, chairman, president and chief executive officer of Cambrex, said, "We are pleased to announce the successful completion of this important phase of our strategic review. After a thorough and deliberate process, our board of directors determined that the sale of our bio businesses to Lonza represents the most compelling means for realizing value for Cambrex stockholders. In addition to receiving a substantial cash dividend, stockholders can look forward to additional benefits from their continuing investment in our strong Human Health business."

Stefan Borgas, chief executive officer of Lonza, said, "For Lonza, this is the largest acquisition in our long company history and represents a significant commitment and leap forward toward achieving our long-time goal of becoming one of the world's leading suppliers to our existing and new customers in the pharmaceutical, healthcare and other life science industries. We are now closer to this goal than ever before."