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
The Food and Drug Administration’s top scientist Namandjé Bumpus will assume the role of principal deputy commissioner when longtime agency leader Janet Woodcock retires from that role in early 2024, according to an announcement Thursday.
US biopharma AbbVie has agreed to acquire ImmunoGen in a deal which values the company at about $10.1 billion and gives AbbVie access to flagship cancer therapy Elahere (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), as well as a pipeline of promising next-generation ADCs.
EUROAPI today announced the appointment of David Seignolle as Chief Operating Officer, succeeding Eric Berger, and Marion Santin as Chief Legal, Compliance, and IP Officer, both joining the company’s Executive Committee. In his new role, David Seignolle will lead the transformation of the Industrial Operations organization.