Cambrex has agreed to sell its bioproducts and biopharma business to Switzerland's Lonza Group for $460 million. The divisions, which provide about 42 percent of Cambrex's revenue, make research products and does biopharmaceutical manufacturing and process development. Cambrex will use the money to pay a special dividend to shareholders. Cambrex will focus on the remaining business making active ingredients and intermediates for therapeutics and plans to reduce overhead in its human health business by 8 percent.
- here's the AP report on the buyout