Cambrex plans to take a writedown of $85 million to $100 million on its books. The announcement was made as it hired James A. Mack as CEO and brought in Bear Stearns for a "strategic review," usually code for putting the company up for sale or seeking a merger partner. Cambrex CEO John Leone recently handed in his walking papers after the company gave up on a plan to change into a specialty pharmaceuticals player. The company provides manufacturing services and research supplies.
- read this report in New Jersey Business
ALSO: Cambrex is buying Cutanogen, a biotech company focused on burn therapies. Report