Pharmaron Beijing, a fully integrated contract research and manufacturing organization offering laboratory, CMC and clinical development services for the life science industry, announced today that it has acquired 100% of the equity of Absorption Systems for up to $137.5m in cash.
Absorption Systems is a leading scientific, non-clinical CRO that provides pharmaceutical, biotech, medical device companies and regulatory agencies with research and testing for small and large molecules, cell and gene therapies, ocular and medical device products. Absorption Systems is based in the USA with facilities and laboratories in Philadelphia, San Diego and Boston.
This transaction will enhance Pharmaron’s fully integrated, end-to-end drug R&D service offerings globally. Absorption Systems’ core expertise in DMPK/ADME and bioanalysis for both small and large molecules, particularly in transporters, human PK prediction and translational pharmaceutics, will consolidate Pharmaron’s leading position in discovery and development DMPK platform. In addition, Pharmaron will be able to create additional value to its partners with Absorption Systems’ capability to evaluate cell and gene therapy products in the rapidly growing field of emerging therapies, combined with the established services in the areas of ophthalmology and medical devices.
Dr. Boliang Lou, Chairman and Chief Executive Officer of Pharmaron, commented, “We are very pleased to have Absorption Systems join the Pharmaron Group, and this acquisition, once again, demonstrates our commitment to becoming a global leader in drug R&D services. The addition of Absorption Systems further expands and strengthens our services and global network with strategic presence in life science hubs in the US. We have been impressed with the achievement by Absorption Systems and its high caliber team and look forward to an exciting future together.”
Patrick Dentinger, Co-founder and Chief Executive Officer of Absorption Systems, added, “Becoming part of the Pharmaron family is a great opportunity for Absorption Systems. The acquisition recognizes the quality and pedigree of the business we founded nearly 25 years ago and the deep scientific expertise of our team. The transaction is great news for the employees and customers, who will benefit from the added resources and more comprehensive services offerings through Pharmaron’s global services network. We look forward to embarking on the next phase of our development together and better serve our clients’ R&D needs.”
Fairmount Partners acted as exclusive financial advisers to Absorption Systems, and Troutman Pepper acted as legal counsel. Strata Partners acted as exclusive financial advisers to Pharmaron, and O’Melveny acted as legal counsel.
Source: Company Press Release