Ash Stevens acquired by India-based CDMO

By Melissa Fassbender contact

- Last updated on GMT

(Image: iStock)
(Image: iStock)
Ash Stevens has been acquired by Piramal Pharma Solutions, an India-based CDMO, in what the CEO said is an "incredibly powerful combination."

In a statement to BSE, Asia’s stock exchange, and the National Stock Exchange of India, Piramal Pharma Solutions, a contract development and manufacturing organization (CDMO), announced its plans to acquire Ash Stevens, a US-based CDMO for high potency APIs, in a deal worth $42.95m.

The transaction is expected to be completed by the end of August - less than a year after Piramal Pharma Solutions' CEO Vivek Sharma told Outsourcing-Pharma.com​ the company was planning more M&A in the near future. "We are looking for significant growth in the next 5 years - scale is important​," Sharma said​ at the time.

Today, Sharma said around 25% of the company’s molecules in clinical development are potent – and its clients are looking for partners to move programs forward.

With its acquisition of Ash Stevens, Piramal adds a third North American-based facility to the company’s portfolio, which also includes the Coldstream Labs in Kentucky for fill-finish, and the Torcan facility in Toronto for complex high value APIs.

"The breadth of Piramal’s global resources and their leadership role in areas such as antibody-drug conjugates coupled with shared corporate values with Ash Stevens means that together, we will have cutting edge technologies in areas where I would like to see Ash Stevens involved and the depth of resources to better serve patients who are in need of new therapeutic modalities to better their situation," ​Dr. Stephen A. Munk, Ash Stevens, president and CEO, told Outsourcing-Pharma.com.

Moving forward, Munk said Ash Stevens is looking forward to Piramal's strong team helping it accelerate its growth strategy.

"The synergies are tremendous – we have different client bases so there is good synergy there; Piramal can produce regulatory starting materials in their plants in India for us with quality and timelines that we control; they are a leader in ADCs which is an area that really excites me; they have a leading injectable fill-finish operation and many of our APIs go to that market," ​added Munk. "This is an incredibly powerful combination."

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