SAN DIEGO, March 6, 2013 /PRNewswire/ -- Ajinomoto Co.,
Inc. ("Ajinomoto Co."; TYO: 2802) and Althea Technologies, Inc.
("Althea Technologies"), announced today that 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).
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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," stated
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," stated 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," commented
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 U.S. 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.
About Ajinomoto Co.
Ajinomoto Co. is a global
manufacturer of high-quality seasonings, processed foods,
beverages, amino acids, pharmaceuticals and specialty chemicals.
For many decades Ajinomoto Co. has contributed to food culture and
human health through wide-ranging application of amino acid
technologies. Today, the company is becoming increasingly involved
with solutions for improved food resources, human health and global
sustainability. Founded in 1909 and now operating in 26 countries,
Ajinomoto Co. had net sales of JYP 1,197.3 billion (USD 15.1 billion) in fiscal 2011. For more about
Ajinomoto Co. (TYO: 2802), visit www.ajinomoto.com.
About Althea Technologies
Althea Technologies is a
fully integrated, contract development and manufacturing
organization located in San Diego,
CA providing clinical and commercial product development
services. Althea Technologies offers cGMP drug product filling in
both vials and syringes, and production of microbial-derived
recombinant proteins and plasmid DNA. In conjunction with these
manufacturing operations, Althea Technologies offers comprehensive
development services including: upstream and downstream process
development, analytical development, lyophilization cycle, complex
formulation, product release and ICH-compliant stability testing.
Althea Technologies' formulation technology platform includes
Crystalomics®, a proprietary technology that offers a formulation
solution for large molecule products that must be delivered at high
concentrations or as sustained release formulations. For more
information, visit www.altheatech.com.
SOURCE Althea Technologies, Inc.
