Cambrex to Acquire Leading Biopharmaceutical Producer

Apr 30, 2001, 01:00 ET from Cambrex Corporation

    EAST RUTHERFORD, N.J., April 30 /PRNewswire/ -- Cambrex Corporation
 (NYSE:   CBM) announced today the signing of an asset purchase agreement to
 acquire Bio Science Contract Production Corp., Baltimore, Maryland.  The
 company, which will operate as Cambrex Bio Science Inc., is a leading cGMP
 manufacturer of pharmaceutical ingredients and purified bulk biologics.  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.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO )
     Bio Science operates a state-of-the-art facility that has been
 successfully inspected by the U.S.  FDA and EMEA (European Agency for the
 Evaluation of Medicinal Products).  The facility contains 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.  Additional capacity is also under construction for microbial
 and mammalian cell culture production of other biotherapeutics.  Bio Science
 currently has projects with approximately 10 customers, primarily under
 long-term contracts, and a strong pipeline of new projects.
     The purchase price will be approximately $120 million in cash.  The
 acquisition is expected to close in late May following the Hart-Scott-Rodino
 review period.  Additional purchase price payments of up to $25 million may be
 made depending on business performance over the next four years.  Cambrex will
 assume a $12 million capital lease on the building and some equipment.
     "The acquisition of Bio Science Contract Production is the culmination of
 a three year project to identify bioprocessing capabilities necessary to
 support the manufacture of biotherapeutic products.  With an estimated
 350 biotechnology compounds already in Phase II and Phase III clinical trials,
 we see dramatic growth potential in this market.  Further, biopharmaceutical
 production complements our unique cell culture and media optimization
 expertise," commented James Mack, Chairman and CEO, Cambrex Corporation.  "We
 are particularly pleased that Jacques Rubin, founder & CEO of Bio Science, and
 his talented group of employees will be joining the Cambrex Team.  He has
 developed a successful business model in this rapidly expanding field."
     Jacques Rubin commented, "We are excited to be joining Cambrex and believe
 that together, the two companies will provide the technical leadership and
 worldwide reach needed to take full advantage of the numerous opportunities in
 biopharmaceutical production."
     A conference call to discuss the acquisition will begin at 11:00 am
 Eastern Daylight Time on Tuesday, May 1st and will last approximately 30
 minutes.  Those wishing to participate should call the MCI Conference
 Coordinator at 888-947-9964 for Domestic, and 712-257-2274 for International.
 Please use the password CAMBREX and call approximately 10 minutes before the
 11:00 a.m. start time.
 
     Various statements made within this press release may constitute
 "forward-looking statements" for purposes of the Securities and Exchange
 Commission's "safe harbor" provisions under the Private Securities Litigation
 Reform Act of 1995 and Rule 3B-6 under The Exchange Act.  The forward-looking
 statements contained herein involve risks and uncertainties that could cause
 results to differ materially from the Company's expectations.
 
     Cambrex Corporation provides products and services to the life sciences
 industry.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X68716124
 
 

SOURCE Cambrex Corporation
    EAST RUTHERFORD, N.J., April 30 /PRNewswire/ -- Cambrex Corporation
 (NYSE:   CBM) announced today the signing of an asset purchase agreement to
 acquire Bio Science Contract Production Corp., Baltimore, Maryland.  The
 company, which will operate as Cambrex Bio Science Inc., is a leading cGMP
 manufacturer of pharmaceutical ingredients and purified bulk biologics.  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.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO )
     Bio Science operates a state-of-the-art facility that has been
 successfully inspected by the U.S.  FDA and EMEA (European Agency for the
 Evaluation of Medicinal Products).  The facility contains 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.  Additional capacity is also under construction for microbial
 and mammalian cell culture production of other biotherapeutics.  Bio Science
 currently has projects with approximately 10 customers, primarily under
 long-term contracts, and a strong pipeline of new projects.
     The purchase price will be approximately $120 million in cash.  The
 acquisition is expected to close in late May following the Hart-Scott-Rodino
 review period.  Additional purchase price payments of up to $25 million may be
 made depending on business performance over the next four years.  Cambrex will
 assume a $12 million capital lease on the building and some equipment.
     "The acquisition of Bio Science Contract Production is the culmination of
 a three year project to identify bioprocessing capabilities necessary to
 support the manufacture of biotherapeutic products.  With an estimated
 350 biotechnology compounds already in Phase II and Phase III clinical trials,
 we see dramatic growth potential in this market.  Further, biopharmaceutical
 production complements our unique cell culture and media optimization
 expertise," commented James Mack, Chairman and CEO, Cambrex Corporation.  "We
 are particularly pleased that Jacques Rubin, founder & CEO of Bio Science, and
 his talented group of employees will be joining the Cambrex Team.  He has
 developed a successful business model in this rapidly expanding field."
     Jacques Rubin commented, "We are excited to be joining Cambrex and believe
 that together, the two companies will provide the technical leadership and
 worldwide reach needed to take full advantage of the numerous opportunities in
 biopharmaceutical production."
     A conference call to discuss the acquisition will begin at 11:00 am
 Eastern Daylight Time on Tuesday, May 1st and will last approximately 30
 minutes.  Those wishing to participate should call the MCI Conference
 Coordinator at 888-947-9964 for Domestic, and 712-257-2274 for International.
 Please use the password CAMBREX and call approximately 10 minutes before the
 11:00 a.m. start time.
 
     Various statements made within this press release may constitute
 "forward-looking statements" for purposes of the Securities and Exchange
 Commission's "safe harbor" provisions under the Private Securities Litigation
 Reform Act of 1995 and Rule 3B-6 under The Exchange Act.  The forward-looking
 statements contained herein involve risks and uncertainties that could cause
 results to differ materially from the Company's expectations.
 
     Cambrex Corporation provides products and services to the life sciences
 industry.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X68716124
 
 SOURCE  Cambrex Corporation

RELATED LINKS

http://www.cambrex.com