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
Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.
On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.
