Novacap, a worldwide player in pharmaceutical synthesis and advanced specialties, has signed an agreement to acquire Boston-based PCI Synthesis, a U.S. pharmaceutical contract development and manufacturing organization (CDMO).
Located in Boston’s biotech and pharmaceutical hub, PCI Synthesis offers a range of services, including process research and early stage development as well as commercial production of new chemical entities (NCEs), generic APIs, and other specialty chemical products.
The company operates an R&D facility in Devens, MA, and a manufacturing facility in Newburyport, MA, and generates some $32 million in revenue. PCI Synthesis recently closing its fifth consecutive year-to-year of double-digit growth.
That success was driven by more than 40 new customers and an expansion into new offerings such as GMP manufacturing for nutraceuticals and pharma foods, large-scale cryogenic manufacturing, large-scale chromatography, controlled substance development, and medical-grade polymers.
The combination of the two companies will provide PCI Synthesis with additional resources to continue its development while reinforcing Novacap’s global leadership in pharmaceutical synthesis with 12 cGMP sites, two main R&D centers, and a range of services and technologies dedicated to clinical development and commercial manufacturing.
“The acquisition of PCI Synthesis perfectly fits with our strategic roadmap as it will strengthen our offering to the pharmaceutical industry and provide Novacap with a strong and innovative platform to accelerate our development in the U.S.,” said Pierre Luzeau, CEO of Novacap. “The two companies operate complementary CDMO activities and share common values.”
The closing of this acquisition remains subject to customary merger control approval.
BlackArch Partners served as the exclusive financial advisor to PCI Synthesis. Corporate law firm Sidley Austin LLP represented Novacap in the acquisition.