RIVERVIEW, Mich., Aug. 16, 2016 /PRNewswire/ -- Ash Stevens, Inc., a leading provider of global contract pharmaceutical drug substance development and active pharmaceutical ingredient (API) manufacturing services, is pleased to announce that the company has been acquired by Piramal Pharma Solutions, a world leader in pharmaceutical manufacturing. According to Dr. Stephen Munk, Ash Stevens' CEO, "This represents an exciting opportunity for our customers and employees. Piramal has a proven track record of growth and investment in the pharmaceutical services sector and is a global leader in APIs, Drug Product, and ADC fields. There are tremendous synergies for our customers brought by Piramal's full service pharmaceutical manufacturing facilities throughout the world & we are excited to be part of a company with such diverse offering."
"The acquisition of Ash Stevens fits well with our strategy to build an asset platform that offers value to our partners and collaborators", said Vivek Sharma, CEO of Piramal Pharma Solutions. He further adds, "North America is a key market that we can now service with our three local facilities - the injectable facility in Kentucky for fill finish needs, the Toronto facility for complex high value APIs, and now, Ash Stevens in Detroit for HPAPIs. Having facilities with a differentiated platform and geographical proximity to clients are keys towards building strategic partnerships. We expect this acquisition to also be synergistic with our other global capabilities. We can now fulfill client requirements for a single source of supply for both high potent APIs and drug products."
Wells Fargo Securities, LLC served as exclusive financial advisor to Ash Stevens, with legal counsel provided by Morrison & Foerster LLP as well as Honigman Miller Schwartz and Cohn LLP.
About Ash Stevens, Inc.
Ash Stevens, Inc. is a full service pharmaceutical Contract Manufacturing Organization (CMO) offering comprehensive small-molecule drug substance development and cGMP manufacturing services. Founded in 1962 and headquartered in Riverview, Michigan, Ash Stevens has extensive experience developing and manufacturing Active Pharmaceutical Ingredients (APIs) for Life Science companies developing innovator small-molecule therapeutics. Ash Stevens is a long-time provider of contract research services to the National Institutes of Health and the National Cancer Institute, and has participated in the development of many important drugs through these government agencies. To date, Ash Stevens has received fourteen FDA manufacturing approvals for innovator APIs, including a number of fast-track manufacturing approvals for the active ingredients for the oncology drugs Velcade®, Vidaza®, Clolar® and Iclusig®. Services offered by Ash Stevens include process development and scale-up; cGMP manufacturing; development and cGMP manufacture of highly potent APIs using barrier-isolation technology; comprehensive analytical capabilities (including method development, stability studies and qualification of reference standards); and regulatory support for all phases of drug development and manufacturing.
SOURCE Ash Stevens, Inc.