News | June 4, 2001

Cambrex acquires biopharmaceutical production business of Bio Science Contract Production

Cambrex Corporation recently announced the completion of its acquisition of the Bio Science Contract Production Corp. biopharmaceutical manufacturing business in Baltimore, Maryland. The business involves the cGMP manufacture of purified bulk biologics and pharmaceutical ingredients. Cambrex Bio Science Inc., a Cambrex subsidiary will operate the business.

The completion of this asset purchase provides Cambrex with a state-of- the-art biopharmaceutical manufacturing facility containing four bioprocessing and purification suites for a variety of therapeutic and diagnostic biopharmaceutical products including recombinant proteins, enzymes, plasmid DNA, monoclonal antibodies, and vaccines for clinical and commercial requirements. The Company is in the process of expanding capacity for microbial and mammalian cell production of additional biotherapeutics. The facility has been successfully inspected by the U.S. FDA and EMEA (European Agency for the Evaluation of Medicinal Products).

The business currently has projects with approximately 10 customers, primarily under long-term contracts, and a strong pipeline of new projects. Year 2001 sales revenue targets are $35 million reflecting an approximate increase of 75% over the prior year. For 2002-2005, annual sales growth is targeted in the 20-30% range. The business is expected to be accretive to earnings, including amortization of goodwill, in 2001.

James A. Mack, Cambrex President and Chief Executive Officer said "the business is an excellent addition to the Company's offerings of products and services to the life sciences industry. This acquisition further implements, not only our biotechnology growth strategy, but Cambrex's overall strategy to be a broad range pharmaceutical partner, supplying intermediates and active ingredients and providing services to speed therapeutics to market. With the many biotherapeutics already in clinical trials, we are excited about the growth opportunities in the biopharmaceutical market, as well as the complement of the Bio Science business to our expertise in cell culture and media optimization." Mr. Mack further stated, "I am very pleased that we have been able to retain all key employees of the business. With the addition of Jacques Rubin, founder & CEO of Bio Science and his talented group of employees to the Cambrex Team, we are gaining valuable resources and expertise."

Source: Cambrex Corporation

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