Contract drug developer AMRI will close down its Syracuse, NY, facility by midyear, part of an effort to cut costs and realign its business.
AMRI has wrapped up its $41 million effort to acquire contract manufacturer Cedarburg Pharmaceuticals, and the company says it's in line for an immediate windfall.
AMRI saw a big jump in revenues last year as its manufacturing side kicked in additional revenue. Now it wants some more of that action and so is picking up Cedarburg Pharmaceuticals, a specialist in APIs for controlled drugs, in a $41 million deal.
AMRI has inked a deal to trade $41 million for contract manufacturer Cedarburg Pharmaceuticals, looking to broaden its capabilities in the sector and home in on API production.
Last year, Albany, NY, contract developer AMRI watched its founding CEO retire and its business model evolve, shifting its priorities to deliver a jump in revenue, and now the company believes it's on track for bigger growth in 2014.
With the FDA's all-clear under its belt, AMRI's once-troubled Burlington, MA, "money pit" is poised to push the Albany, NY, company into new markets, the company's new CEO reportedly told investors at the J.P. Morgan Healthcare Conference last week. The former Teva executive said he's eyeing generics and high-tech drug delivery among potential expansion areas.
With three year's of back-and-forth with the FDA under its belt, contract drug developer AMRI has finally closed the book on an agency warning letter tied to its Burlington, MA, plant, ending a protracted saga that has cost the company millions.
When AMRI bought Hyaluron in June 2010, it enjoyed a brief, two-month honeymoon before the FDA slapped the acquired sterile syringe and vial filling plant with a warning letter. The hangover has lasted three years, but now the agency has finally issued a letter to close out the failings it found at the Burlington site.
AMRI has signed a long-term contract with the U.K.'s defense department, agreeing to take an investigational drug to Phase I with a chance to re-up once there.
Twenty-two years after founding the Albany contract developer, AMRI CEO Thomas D'Ambra will retire from his post on New Year's Eve, leaving the helm as the company works to get out from regulatory scrutiny and grow revenue.