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news.Harvard Drug Group, an independent distributor of generic-focused pharmaceuticals, over-the-counter drugs, vitamins, supplements, medical supplies and compounding chemicals, has acquired Spectrum Pharmacy Products, a business of Spectrum Chemicals & Laboratory Products.
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Spectrum Chemicals & Laboratory Products manufactures and distributes fine chemicals and laboratory products. Spectrum’s chemical offering consists of over 15,000 active pharmaceutical ingredients (API’s), excipients, biochemicals, nutraceuticals, cosmetic ingredients, analytical reagents, and chemical solutions in research and production quantities.
Spectrum Chemical said that McGladrey Capital Markets led the negotiations and acted as exclusive financial advisor to the company. The transaction occurred on May 3, 2010.
Marc Hayem, CEO of Spectrum Chemical, said: “We are confident that Harvard will continue providing our customers with same quality products and services we’ve supplied in the past.
“At the same time we can redirect our management team’s full attention to our laboratory chemicals and supplies space focus on serving scientists engaged in the discovery and development of regulated products.”
Jay Kuo, vice president at chemicals group of McGladrey Capital Markets, said: “Spectrum can dedicate both the financial and human resources to continue growing their chemicals and laboratory supplies business, particularly in new product categories and international growth.”