Aceto Corporation Acquires Pharma Waldhof Subsidiary from Roche.
LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Jan. 5, 2004
Aceto Corporation (Nasdaq:ACET), a global distributor of pharmaceutical and specialty chemicals, today announced that it completed the acquisition of Pharma Waldhof from Roche Holding AG, Switzerland, for an undisclosed amount. Aceto funded the acquisition with cash on hand and did not incur or assume any debt in connection with the transaction.
Based in Dusseldorf, Germany, Pharma Waldhof distributes biologically-derived active pharmaceutical ingredients (APIs) currently used in therapeutic and diagnostic products. It is a worldwide provider of a patent-protected, biologically-derived API used for a widely used diagnostic and therapeutic heart medication. Pharma Waldhof's primary customers include major worldwide ethical and generic pharmaceutical companies. In 2002, Pharma Waldhof had sales of about Euro 9.8 million.
The acquisition of Pharma Waldhof adds value for Aceto on several levels by:
1) being immediately accretive to Aceto's earnings;
2) spearheading Aceto's entry into the biopharmaceuticals market;
3) broadening the Company's product offerings to the
4) complementing Aceto's strong position in chemically-derived
5) strengthening the Company's stance as an early participant in
the generic biopharmaceutical business; and
6) fostering a continuing relationship between Aceto and Roche,
whereby Roche will continue to manufacture the principal
biopharmaceutical APIs that Pharma Waldhof distributes and
provide certain other services.
The Company plans to leverage Aceto's worldwide sourcing and distribution capabilities, extensive customer base, and position as a major supplier to worldwide generic drug manufacturers to grow Pharma Waldhof's existing biopharmaceutical business, introduce new products, and ultimately, capture share in the generic biopharmaceutical market as it develops. Management remains enthusiastic about Aceto's prospects in the biopharmaceuticals market, and the emerging generic segment in particular.
Aceto Corporation, which was incorporated in 1947, is a global leader in the distribution and marketing of pharmaceutical and specialty chemicals used principally in the agricultural, color, pharmaceutical, surface coating/ink and general chemical industries. With offices in nine countries, Aceto Corporation distributes over 1,000 chemicals in these and other fields. For more information, please visit www.aceto.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, but are not limited to, the belief that the acquisition will foster a relationship between Aceto and Roche, and the belief that the acquisition will be immediately accretive to Aceto's earnings. All forward-looking statements in this press release are made as of the date hereof, and the Company assumes no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. These uncertainties include, but are not limited to, economic and political conditions in the United States and abroad, as well as other risks detailed in the Company's SEC reports, including the Company's Form 10-K and other filings. Copies of these filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.