Siegfried acquires Alliance Medical Products
Swiss contract manufacturer Siegfried has acquired Alliance Medical Products (AMP), based in Irvine, CA, USA for $58 million. This acquisition gives Siegfried, which is active in both the primary and secondary production of drugs, an entry into the custom market for sterile filling services. Complementing the company's technology base with competency in sterile filling services is a strategic goal for the Siegfried Group. Founded in 2001, AMP achieved revenues of $20 million in 2011 with approximately 100 employees. AMP is operating profitably, has an attractive client base and a substantial project pipeline. In order to ensure a seamless integration the management of AMP will remain in place.
Siegfried CEO Dr. Rudolf Hanko explains: "Siegfried is one of the few companies with capabilities in both pharmaceutical and chemical manufacturing. Our acquisition of AMP expands this exceptional offer into the sterile filling market, a particularly attractive segment. Integrating AMP into the Siegfried Group is an asset for both companies."
Siegfried develops and manufactures active pharmaceutical ingredients for the research-based pharmaceutical industry as well as the corresponding intermediate steps and controlled substances, and provides development and production services for drugs in finished dosage forms. By taking over 100% of the shares of privately-held Alliance Medical Products (AMP), the Swiss pharmaceutical supplier makes a substantial step toward additional profitable growth. The purchase price of $58 million is to be paid immediately, with a contingent earn-out to be paid if defined profitability goals have been met for the fiscal year ended December 31, 2013. The transaction is expected to be accretive already in 2012. The acquisition provides various synergies for both companies, especially in the areas of technology and marketing.
Juan Valdes, AMP CEO, said: "Our association with Siegfried opens interesting growth and expansion possibilities for AMP. The combination of sterile filling services with the production of active pharmaceutical ingredients is unique in the custom manufacturing market."
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