AMRI Acquires Whitehouse Laboratories
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AMRI has announced that it has acquired all the outstanding equity interests of Whitehouse Laboratories, a leading provider of testing services that includes chemical and material analysis, method development and validation and quality control verification services to the pharmaceutical, medical device and personal care industries. Total consideration is $54 million in cash, and an additional $2 million in shares of AMRI common stock contingent upon Whitehouse Labs achieving certain 2015 targets.
"We are very pleased to acquire Whitehouse Labs, extending AMRI's analytical services expertise and offerings, a critical function for all aspects of pharmaceutical development and manufacturing," said William S. Marth, AMRI's president and chief executive officer. "With the proliferation of ever-tightening standards in the life sciences sector and mounting concern regarding quality and safety of pharmaceutical products and medical devices, Whitehouse Labs meets the increasingly complex needs of customers we service and will augment our discovery, development and manufacturing services nicely."
"For Whitehouse Labs, joining with AMRI validates our company's reputation and success and will extend our ability to address customers' analytical and testing needs, which is a rapidly expanding area of outsourcing within the life sciences industry," said Brian Mulhall, Co-Founder ofWhitehouse Labs. "Favorable dynamics are increasing the trend among biopharmaceutical manufacturers to outsource testing services and our capabilities in analytical testing and diverse client base are highly complementary to AMRI. We are very pleased to be joining the AMRI team and look forward to working together to achieve our common goals."
