Permira Funds to Acquire Cambrex in $2.4B Transaction

Cambrex Corp. has signed a definitive agreement to be acquired by an affiliate of the Permira funds in a transaction valued at approximately $2.4 billion.
 
Cambrex has grown its contract development and manufacturing business in the small molecule space over the last several years. The recent acquisitions of Halo Pharma in 2018 and Avista Pharma Solutions in 2019 added drug product manufacturing and a full range of early stage and analytical testing services, allowing Cambrex to provide services from preclinical through commercial.
 
"We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space. This agreement is a strong endorsement of our strategy and represents significant value for our shareholders," said Steve Klosk, president and chief executive officer of Cambrex. "Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world class services."
 
"We are very excited to back Cambrex in its next phase of growth," said Henry Minello, Principal in the Global Healthcare Group of Permira. "Over many years, Cambrex has built a leading position with best-in-class capabilities and facilities, backed by an excellent reputation for quality and technical expertise. We look forward to partnering with Cambrex’s talented management and employees to support the growth of its integrated services offering."
 
The transaction, subject to customary closing conditions, is expected to occur during 4Q19.
  
Morgan Stanley & Co. LLC is acting as exclusive financial advisor and Kirkland & Ellis, LLP is serving as legal advisor to Cambrex. RBC Capital Markets is acting as exclusive financial advisor and provided committed debt financing to the Permira funds and Skadden, Arps, Slate, Meagher & Flom, LLP is serving as legal advisor to the Permira funds.

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