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AMRI cutting jobs as it absorbs EU API maker

September 7, 2016
Life sciences

AMRI expanded in Europe recently with its $358 million (€315 million) move to buy Italy-based API maker Prime European Therapeuticals, picking up manufacturing facilities in both Europe and the U.S. With the deal now closed, AMRI is restructuring and it is costing some jobs.

The Albany, NY-based AMRI last week made a filing with the SEC that says it is restructuring “certain operations in the United States and Europe.” The CDMO did respond to a request for comment and provided few details in the filing.

It did say it will take a charge of between $5.7 million and $7.3 million in “cash and non-cash charges related to a reduction in force and other transition activities.” AMRI said it expects most of the changes and the charges to occur in H2.

In May, AMRI announced that it had a deal to acquire the Lodi, Italy-based private company known primarily as Euticals. It got API facilities primarily in Italy, Germany, France and in Springfield, MO.

AMRI CEO William Marth said at the time that it was attracted, in part, by Euticals’ expertise in certain tetracyclines, monobactams, sterile and fermented APIs and controlled substances. AMRI said Euticals was projecting 2016 revenue between $245 million and $255 million.

Earlier in the month, AMRI reported Q2 revenues of $120.8 million, up from about $90 million in the same quarter a year ago but a loss of $21.3 million, or 61 cents a share.

By Eric Palmer

Source: Fierce Pharma

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