East Rutherford-based life sciences company Cambrex Corp. has agreed to buy a North Carolina-based drug company to expand its pharmaceutical ingredients business.
Cambrex will pay about $25 million for High Point, N.C.-based PharmaCore Inc., a privately owned provider of small molecule active pharmaceutical ingredients for clinical projects.
The deal, expected to be completed within 30 days, was announced Monday by the two companies in a joint statement.
PharmaCore, which generates $15 million to $17 million in annual revenue, was founded 1999, and it employs more than 60 people, including nearly 40 process and analytical chemists.
By Richard Newman
Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.
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