ALBANY, N.Y., Jan. 12, 2016 /PRNewswire/ -- AMRI (NASDAQ: AMRI) is pleased to announce the extension of a key insourcing relationship with a major pharmaceutical company designed to accelerate their chemistry and drug discovery efforts. The original insourcing collaboration, which commenced in 2011, is being extended significantly beyond its original termination date of December 2018 to December 31, 2021.
"Insourcing relationships provide the benefit of accelerating drug discovery, drug product and manufacturing efforts by maximizing the real-time exchange of scientific information and enabling scientists to rapidly adapt to changing project needs," said Michael P. Trova, Senior Vice President, Chemistry, AMRI. "We find these relationships are mutually beneficial and will be an important key to the long-term development and success of AMRI's DDS business unit. We look forward to finding new ways to deepen and extend these unique arrangements."
"The insourcing model is a fusion of the best elements of external outsourcing and in-house R&D activities," said Christopher Conway, Senior Vice President of Discovery and Development Services, AMRI. "With expertise in managing high performing groups of scientists, AMRI developed this business model in order to embed its own scientists into the customer's facility, allowing the customer to cost-effectively leverage their underutilized laboratory space and resources."
About Albany Molecular Research Inc.
Albany Molecular Research Inc. (AMRI) is a global contract research and manufacturing organization that has been working with the Life Sciences industry to improve patient outcomes and the quality of life for more than two decades. With locations in North America, Europe and Asia, our key business segments include Discovery and Development Services (DDS), Active Pharmaceutical Ingredients (API), and Drug Product Manufacturing (DPM). Our DDS segment provides comprehensive services from hit identification to IND, including expertise with diverse chemistry, library design and synthesis, in vitro biology and pharmacology, drug metabolism and pharmacokinetics, as well as natural products. API supports the chemical development and cGMP manufacture of complex API, including potent, controlled substances, biologics, peptides, steroids, hormones, cytotoxic compounds and sterile API. DPM supports development through commercial scale production of complex liquid-filled and lyophilized parenterals, sterile suspensions and ophthalmic formulations.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include, but are not limited to, statements regarding the term or extension of customer contracts, the benefits to be derived by the company from its insourcing or other customer relationships, and the potential impact on the long-term results of the company's business unit(s). Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to, the ability of the company to hire and retain qualified scientists to provide insourcing services, the risk of a decrease in customers' demand for the company's services, including but not limited to early termination of customer contracts, as well as those risks discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on March 16, 2015, and the company's other SEC filings.