Ajinomoto Agrees to Acquire Althea Technologies
Ajinomoto Co., Inc. and Althea Technologies, Inc. recently announced 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,” said 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,” added 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,” said 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 US 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. For more about Ajinomoto Co., visit www.ajinomoto.com. For more information, visit www.altheatech.com.
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