Cambrex Acquires Biopharmaceutical Producer
East Rutherford, NJ - October 30, 2001 - Cambrex Corporation (NYSE: CBM) announced today the acquisition of Marathon biopharmaceuticals, Hopkinton, Massachusetts, for approximately $26 million in cash through a share purchase of CoPharma Inc. Marathon is a full-service cGMP manufacturer of biopharmaceutical ingredients and purified bulk biologics for pre-clinical evaluation, clinical trials and commercial scale quantities. In June 2001 Cambrex announced the Cambrex Bio Science acquisition, a contract biomanufacturing company located in Baltimore, Maryland. Marathon, which will operate as part of Cambrex Bio Science, strengthens Cambrex's existing capabilities for pre-clinical, clinical and commercial quantities. Sales and marketing will be integrated into the Cambrex global pharmaceutical sales infrastructure.
The 65,000 square foot facility contains two fully validated suites dedicated to various biologic processes and adequate space for three additional cGMP suites. The US FDA has successfully inspected the existing suites. Current production capabilities include bacterial and yeast fermentation units up to a capacity of 800 liters, small and large-scale purification, and a 1500+ vial filling facility for Phase I and Phase II clinical trials. Full year 2001 sales revenues are targeted at approximately $8.5 million. Sales revenues in 2002 are expected to grow in excess of 50%.
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