In a deal worth up to $19.9m (€15.6m), US drug delivery company Inyx has acquired contract pharmaceutical packaging firm Pharmapac, seeking to enhance its secondary-packaging capabilities for a wide range of dosage forms.
Pharmapac's areas of expertise in solids (tablets and capsules), semi-solids (gels), creams, liquids, sachet filling, powders and wound-care solutions will expand Inyx's capabilities in formulations and drug delivery systems.
The two companies expect growth to be derived from the cross-selling of their respective client bases, as well as the boost Inyx will receive in the drug delivery portfolio it offers to the European pharmaceutical industry.
"Pharmapac is highly profitable and a strong cash generator, and it has a network of complementary distribution and packaging customers," said Inyx CEO Jack Kachkar.
"The addition of Pharmapac's dedicated 'state-of-the-art' packaging facility will enable Inyx to provide a dynamic secondary-packaging resource for a wide range of dosage forms needed to serve high-demand respiratory, allergy, dermatology and topical product sectors."
Inyx said it would retain all of Pharmapac's 200-plus present employees, including executives who will further strengthen Inyx's existing operating and technical management teams.
In fact Pharmapac's 42,000-square foot facilities in Wirral are about an hour drive from Inyx's current two UK sites also located in the North West of England.
The acquisition of Pharmapac complements Inyx's pending acquisition of a pharmaceutical production business based in Germany, the largest healthcare market in Europe.