Centrient Pharmaceuticals yesterday announced the completion of the acquisition of Astral SteriTech.
With the addition of Astral SteriTech’s semi-synthetic cephalosporin and semi-synthetic penicillin sterile injectable finished dosage forms to Centrient’s product portfolio, the company can now further meet the needs of customers and reach more patients with its critical life-saving medicine, Centrient Pharmaceuticals said in a statement.
It said that the acquisition has been completed after obtaining the required customary regulatory approvals and meeting the closing conditions. With the broadened combined product portfolio, Centrient can now further meet the needs of customers in semi-synthetic cephalosporin and semi-synthetic penicillin finished dosage forms (FDFs) and become their preferred commercial partner in these segments.
Being close to Centrient’s core products of beta-lactam antibiotics, the acquired product portfolio allows Centrient to diversify into the growing niche segment of sterile injectable antibiotics. The broadened product portfolio as well as Astral SteriTech’s advanced in-house manufacturing capabilities and two US FDA-approved production lines, allow Centrient to further strengthen the delivery of its value proposition of quality, reliability and sustainability in finished dosage forms.
“We are pleased to complete this important transaction. We look forward to the value it will create for both our companies, our customers and above all for patients around the world who are in need of these life-saving antibiotics,” said Rex Clements, Chief Executive Officer, Centrient.
He added, “With Astral SteriTech complementing our already front-running antibiotics business, our combined portfolio becomes even more diverse and covers a broad range of beta-lactam antibiotic APIs and FDFs including sterile injectables. We are excited to welcome our Astral SteriTech colleagues to Centrient as we work together to deliver on our purpose to improve and save the lives of people around the world.”
Adding to it, Dr Dushyant Patel, Chairman Emeritus, Astral SteriTech said, “Upon acquisition by Centrient, Astral SteriTech has found an outstanding new home. The work to consolidate Centrient’s antibiotics product portfolio and create synergies can now begin, as well as the execution of our joint geographical expansion agenda.
He also said that Astral SteriTech’s core competencies and proven track record in sterile injectable semi-synthetic cephalosporin and semi-synthetic penicillin finished dosage forms will be instrumental to Centrient’s strategic objectives.
“With the closure of the transaction, Astral SteriTech becomes an integrated unit of Centrient, paving the way for blending Centrient’s vision and strategies for global success with Astral SteriTech’s strong fundamentals in the niche area. This will not only enhance the quality of our service to existing clients but also expand our business horizon,” he further said.
For the transaction, Barclays acted as the exclusive financial adviser, and Sidley Austin LLP and Trilegal as legal advisors to Centrient Pharmaceuticals. JP Morgan acted as the exclusive financial adviser and Shardul Amarchand Mangaldas & Co as legal advisor to Astral SteriTech, added the statement.