The transaction is expected to close within the next two weeks. At closing, $7.5 million in cash and $4.375 million in LAB shares will be paid. The sellers will be eligible for additional payments in LAB shares upon completion of certain milestones relating to PharmaForm’s drug development programs reaching specific clinical trial stages.
PharmaForm is a contract service provider and provides drug product solutions that help clients reduce development costs and accelerate time-to-market. PharmaForm is currently expanding its drug product pipeline based upon its expertise in hot-melt extrusion and solids processing.
“Now that the acquisition of PharmaForm is completed, we look forward to the rapid advancement into clinical trial stages of additional and complementary high potential platforms and products,” commented Dr Halvor Jaeger, CEO of LAB International.