UPDATE 1-Albany Molecular buys pre-filled syringe co for $27mln

Tue Jun 15, 2010 8:03am EDT

* Says purchase price includes debt

* Says acquisition to add to earnings in first year

* Says Hyaluron forecast 2010 rev of $15mln-$17mln

June 15 (Reuters) - Albany Molecular Research Inc (AMRI.O) said it acquired privately held pre-filled syringe maker Hyaluron Inc for about $27 million to expand its contract manufacturing capabilities.

Albany Molecular, which provides drug discovery, development and manufacturing services, said the $27 million deal included debt and is expected to add to its earnings within the first year.

The acquisition will allow Albany Molecular to offer an integrated manufacturing process for sterile injectable drugs, including the development and manufacture of the active pharmaceutical ingredient as well as final products, the company said in a statement.

Hyaluron provides contract manufacturing services in sterile syringe and vial filling, and forecast full-year revenue of $15 million to $17 million.

BroadOak Partners acted as financial advisor to Albany Molecular, the company said.

Shares of Albany Molecular closed at $5.54 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Roshni Menon)

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