Management Buy-out of BioReliance Heidelberg Announced
Thursday April 27, 2:00 am ET
HEIDELBERG, Germany--(BUSINESS WIRE)--April 27, 2006--Heidelberg biotech company BioReliance Manufacturing GmbH today announced it was purchased from its parent, Invitrogen Europe Ltd., in a management buy-out by a consortium headed by current Managing Director Dr. Thomas Pultar and a group of investors. The company will operate under the name BIOMEVA. Terms of the acquisition were not disclosed.
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"This is a win-win situation for Invitrogen and BIOMEVA", said Bernd Brust, Vice-President and General Manager for Invitrogen Europe. "Bacterial contract manufacturing was not aligned with our strategic direction, and with the new ownership of the operation by BIOMEVA, clients will continue to be well served in the years ahead. BIOMEVA will retain the current management and gain the flexibility to aggressively pursue opportunities as an independent business."
Over the past years, BioReliance has developed solid customer relationships and a strong position in Europe as a cGMP-compliant Contract Manufacturing Organization. BIOMEVA will continue offering fermentation and purification services using recombinant and natural microorganisms to produce Active Pharmaceutical Ingredients in lots of up to 1,000 L. There are no plans for changes to the direction of the business or employees' working arrangements. Dr. Thomas Pultar will continue as Managing Director with the existing management team.
"For BIOMEVA, it's very much business as usual," said Dr. Pultar. "Our current employees are an important part of the team and critical to the future success of the company. We now have the opportunity to exercise the high degree of flexibility of a small company and to utilize our strengths to become even more customer-oriented in future. I'm optimistic about the enormous potential for this business. This is indeed a major opportunity for the current management and employee team. We have made the right decision to ensure our future and together we will be successful." |
