Cambrex Acquires Stake in Zenara Pharma for $20M

Cambrex Corporation CBM announced today that it acquired a 51% stake in Zenara Pharma, a Hyderabad, India based pharmaceutical company focused on the formulation of final dosage form products. Cambrex acquired a 51% equity stake in Zenara for $20 million, which may be adjusted based on closing date working capital balances. Pursuant to the stock purchase agreement, Cambrex will acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortization ("EBITDA") and cumulative EBITDA for the years 2011 through 2015.