Ajinomoto Co., Inc. Agrees To Acquire Althea Technologies, Inc.
Acquisition Expected to Give Ajinomoto Co., Inc. Entry Into the Contract
Development and Manufacturing Market
SAN DIEGO, March 6, 2013
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).
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),
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.
Contact: Althea Technologies, Inc., Tristen Welch, Marketing Strategist,
+1-858-882-0220 x535, email@example.com
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