Accuratus growing CDMO biz through Array Biopharma's CMC operations
The deal will see Minnesota-based firm Accuratus boost its manufacturing contract offerings from GMP and GLP analytical and microbial testing services, taking over the lease and 33 staff members at Array’s 50,000 square foot laboratory facility in Longmont, Colorado.
According to an Array report filed with the SEC last week, the transaction also includes the transfer of equipment, inventory and all third party contracts relating to its CMC business.
“Accuratus paid Array a cash purchase price at closing for the CMC assets, and Array is entitled to receive additional consideration for the CMC assets contingent upon achievement of revenue targets for the CMC business during the first and second year following the closing,” the filing said.
The operations will be rebranded as Avista Pharma Solutions and according to Tom Burnell, Chairman of Accuratus Board of Directors, the deal “solidifies the commercial development strategy of Accuratus and brings a strong scientific team with demonstrated expertise in process chemistry and new drug manufacturing.”
Array CEO Ron Squarer said the CMC business “has tremendous growth potential as part of a high quality, independent CDMO business such as Accuratus,” and added his firm would continue to work with Avista for support in its clinical development programmes. Array has three cancer candidates currently in Phase III clinical trials.
