Contract drug developer Patheon, a year removed from a $2.6 billion merger, is expanding its manufacturing footprint with another acquisition, buying up a South Carolina specialist.
Keeping financial details to itself, Patheon said it picked up IRIX Pharmaceuticals, a company devoted to the production of difficult-to-manufacture active pharmaceutical ingredients (APIs) for research and marketing. The deal, expected to close within 60 days, bolsters Patheon's existing API capacity in the U.S., especially in high-potency and controlled substances, the company said.
Patheon has been on a growth kick since merging with CMO giant DSM in 2014, a $2.6 billion move that united the parties under the name DPx and gave private equity outfit JLL Partners 51% stake while leaving the rest to Royal DSM.
In August, Patheon acquired Gallus BioPharmaceuticals for an undisclosed sum and picked up its first U.S. biologicals facility in the process. In the ensuing months, Patheon has been investing in its stateside capacity, planning to add 500 jobs over 5 years.
"This is an exciting time at Patheon as we continue to secure important capabilities around the globe to address growing customer needs," DPx Fine Chemicals President Lukas Utiger said in a statement.
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