East Rutherford-based Cambrex Corp., a small-molecule pharmaceutical development and manufacturing company, has been acquired by a global investment firm for approximately $2.4 billion, it announced Wednesday.
An affiliate of the Permira funds, which has offices in New York and California, as well as Europe and Asia, is paying $60 in cash for each common share in Cambrex. The price is a 47.1% premium to Tuesday’s closing stock price, and the $2.4 billion estimated value includes Cambrex’s net debt, according to a news release.
“We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space,” Cambrex CEO and President Steve Klosk said in a prepared statement. “This agreement is a strong endorsement of our strategy and represents significant value for our shareholders. Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world-class services.”
Completion of the transaction is expected in the fourth quarter, subject to customary approvals and conditions. Cambrex is allowed a 45-day period to solicit rival proposals, the release noted.
Morgan Stanley & Co. LLC is exclusive financial adviser to Cambrex, and Kirkland & Ellis LLP is its legal adviser. RBC Capital Markets is Permira’s exclusive financial adviser, while Skadden, Arps, Slate, Meagher & Flom LLP is legal adviser.