A Swiss pharmaceutical supplier has laid out more than $58 million in cash to acquire Allied Medical Products and get into the custom market for sterile filling services.
Siegfried Holding AG announced in a statement that it eyed the Irvine, CA, CMO for its existing offerings--notably its current product pipeline and clientele--and strong financial standing. Allied made more than $20 million in revenue 2011, marking the fifth consecutive year it has posted double-digit revenue growth.
Siegfried CEO Rudolf Hanko elaborates further on what it predicts will be a beneficial partnership for both. "Siegfried is one of the few companies with capabilities in both pharmaceutical and chemical manufacturing," he said in a statement. "Our acquisition of AMP expands our exceptional CMO platform into the sterile filling market, a particularly attractive segment. Integrating AMP into the Siegfried Group is an asset for both companies."
As reported by The Orange County Register, Juan Valdes and Thomas Lucas spun Allied Medical Products off from Bausch & Lomb in 2001 and employs around 100 people. Even with its new owner based in Europe, Allied will remain situated in Irvine.
"Our association with Siegfried opens exciting growth and expansion possibilities for AMP," said CEO Valdes. "The combination of sterile filling services with the production of active pharmaceutical ingredients is unique in the custom manufacturing market."
- here's the release
- read more from The Orange County Register