Piramal to acquire Coldstream Laboratories for $30.65m

Of the total amount, $5.65m will be spent on Coldstream facility on the Research Park Campus of the University, while the remaining will be used to acquire the shares.

Controlled by the University of Kentucky Research Foundation (an affiliate of the University of Kentucky), Coldstream is a Contract Development and Manufacturing Organisation (CDMO) focused on the development and manufacturing of sterile injectable products.

The company operates from a FDA approved facility located in Lexington, Kentucky, US, and it has developed differentiated expertise to formulate and manufacture high potency and cytotoxic compounds including Antibody Drug Conjugates (ADCs).

Piramal Enterprises CEO of Pharma Solutions business Vivek Sharma said: "Coldstream is a very high quality operation and has been able to build significant customer relationships and track record for sterile products.

"This acquisition allows PEL to move further into the injectable market segment and should have strong synergy with our existing Pharma Solutions business.

"Our strong capabilities in sterile product development and in ADC product segment will allow us to offer an integrated solution to our customers."

Piramal president of Pharma Solutions Formulations Bill Wedlake said: "Coldstream’s use of isolator technology is impressive and provides a foundation for expansion of the facility to provide large scale commercial manufacturing including production of highly potent compounds."