Cambrex, Lonza deal
CBM will sell its research bioproducts and microbial biopharma businesses to contract manufacturer LONN for $460 million in cash. The bioproducts business, which consists of research products, analytical systems and services, biotherapeutic media and sera and cell therapy and bioservices, posted sales of $149.5 million in 2005. The biopharma business provides process development and biological manufacturing services and posted sales of $41.7 million in 2005. CBM said the sale of the businesses is part of the strategic alternative process it announced in February, for which it retained Bear Stearns.
CBM will be left with its human health business, which posted sales of $223.8 million in 2005. The business provides process development services and manufacturing of active pharmaceutical ingredients, advanced pharmaceutical intermediates and specialty intermediates for animal health, x-ray diagnostic and other applications. CBM said it expects to pay a special dividend of about $13.50-$14.50 per share following completion of the deal, which is expected within the next 90-120 days. ...