SAN DIEGO, March 6, 2013 /PRNewswire/ -- Ajinomoto Co., Inc. ("Ajinomoto Co."; TYO: 2802) and Althea Technologies, Inc. ("Althea Technologies"), announced today that they have entered into a definitive agreement by which Ajinomoto Co. will acquire Althea Technologies, a leading provider of biopharmaceutical development and manufacturing services, subject to the terms of the definitive agreement (including the satisfaction of customary closing conditions).
Under the terms of the merger agreement, Ajinomoto will acquire all of the capital stock in Althea Technologies. In connection with the transaction, Ajinomoto has committed to continuing to provide the highest quality services to Althea's customers.
"We are thrilled that the company we founded 15 years ago will have the opportunity to accelerate its growth under the leadership of a highly successful global company, such as Ajinomoto," stated Dr. Magda Marquet and Dr. François Ferré, Founders of Althea Technologies. "We are very pleased with the depth of Ajinomoto's commitment to our brand, our strong culture and the development of our employees."
"We welcome and are honored to have Ajinomoto as the new owner of Althea," stated Matt Mackowski, Chairman of Telegraph Hill Partners and Co-Chair of Althea. "They will be delighted, as we have been, to work with Althea's extraordinarily talented and capable team of professionals who have made a practice of exceeding customer expectations while building one of the world's best companies in biopharmaceutical contract manufacturing."
"This is a great day for Althea, our employees, our customers and investors," commented Rick Hancock, President and CEO of Althea Technologies. "During the past several months, I have had the opportunity to get to know members of the Ajinomoto team and I am convinced that the combination of our two companies will yield outstanding synergistic benefits. Both companies are dedicated to the highest levels of quality and customer care."
"Ajinomoto is delighted and honored to have Althea, their talented management and employees join our group," commented Masatoshi Ito, President and CEO of Ajinomoto Co., Inc. "In combining Ajinomoto's experience in biotechnology, together with Althea's sophisticated technology, experienced personnel, and expertise in cGMP manufacturing, we aspire to expand our business for biopharmaceuticals manufacturing in the U.S. market and strengthen our advanced biomedical businesses."
The transaction is expected to close in early April 2013 at which point Althea will become a fully consolidated subsidiary of Ajinomoto Co., Inc. William Blair & Company, LLC served as financial advisor and Cooley LLP served as legal advisor to Althea Technologies in this transaction.
About Ajinomoto Co.
Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. For many decades Ajinomoto Co. has contributed to food culture and human health through wide-ranging application of amino acid technologies. Today, the company is becoming increasingly involved with solutions for improved food resources, human health and global sustainability. Founded in 1909 and now operating in 26 countries, Ajinomoto Co. had net sales of JYP 1,197.3 billion (USD 15.1 billion) in fiscal 2011. For more about Ajinomoto Co. (TYO: 2802), visit www.ajinomoto.com.
About Althea Technologies
Althea Technologies is a fully integrated, contract development and manufacturing organization located in San Diego, CA providing clinical and commercial product development services. Althea Technologies offers cGMP drug product filling in both vials and syringes, and production of microbial-derived recombinant proteins and plasmid DNA. In conjunction with these manufacturing operations, Althea Technologies offers comprehensive development services including: upstream and downstream process development, analytical development, lyophilization cycle, complex formulation, product release and ICH-compliant stability testing. Althea Technologies' formulation technology platform includes Crystalomics®, a proprietary technology that offers a formulation solution for large molecule products that must be delivered at high concentrations or as sustained release formulations. For more information, visit www.altheatech.com.
SOURCE Althea Technologies, Inc.