Albany Molecular Research to acquire Cedarburg Pharmaceuticals

Special to The Freeman

March 24, 2014

GRAFTON – Albany Molecular Research Inc. on Monday announced it has signed an agreement to acquire Grafton-based Cedarburg Pharmaceuticals Inc. for $38.2 million in cash.

AMRI will also assume $2.8 million of Cedarburg’s debt, according to a statement, resulting in the total deal to be valued at $41 million. The transaction is expected to close in early April.

Cedarburg will continue to operate independently and will report to Chuck Boland, AMRI co-founder and executive vice president of business development, according to the statement.

"We are very excited to be joining efforts with Cedarburg as they bring a unique blend of expertise in complex API, a scalable business infrastructure and extensive customer relationships that will augment our existing capabilities and services," said William S. Marth, AMRI's president and chief executive officer. "This transaction represents an important first step in building out our API capabilities, broadens our offerings and customer base and provides us with an ideal platform to pursue additional value creation opportunities.”

Cedarburg makes active pharmaceutical ingredients for both generic and branded customers.