Under the agreement, Wolfe Laboratories’ (Wolfe) – including its intellectual property, equipment, systems and processes, and drug development technology – will become a wholly owned subsidiary of the Minnesota, US-headquartered firm.
Pace said the acquisition would allow its customers to benefit from a "one-stop shop" experience, including CMC (chemistry, manufacturing, and control) development and testing for complex molecules, from discovery through Phase III development and post-approval.
According to the companies’ spokesperson Shai Biran, Wolfe’s existing clients can continue to outsource their drug development to the Massachusetts, US-based firm, however, they will now benefit from Pace’s GMP (good manufacturing practice) and GLP (good laboratory practice) testing services.
“Wolfe Laboratories is a wholly owned subsidiary of Pace Analytical Life Sciences and as such, clients will continue to benefit from…every drug development program, which includes oligonucleotides, small molecules, and biologics,” Biran told us.
Pace expects the acquisition – announced last month – will attract new business, he added.
“Wolfe Laboratories is widely recognized as the go-to solution for the development of complex therapeutics and its location in the Boston biotech cluster, amid biotechs, large pharma, investors and universities, makes it the obvious choice for CMC development,” he said.
According to Biran, the acquisition will enable Wolfe Laboratories to hire drug developers, purchase more equipment, and expand its facility in Woburn, Massachusetts.
“Plans are underway to increase the size of the facility within the existing Woburn location by approximately 30% in early 2018,” the spokesperson told us.
Financial details of the deal were not disclosed.