Integrated BioPharma Acquires Hauser CROIntegrated BioPharma Acquires Hauser CRO
November 8, 2004
Integrated BioPharma Acquires Hauser CRO
IntegratedBioPharma Inc. (AMEX:INB), announced its newly formed subsidiary InB/Hauseracquired assets belonging to Hauser Technical Services Inc. (dba Hauser CRO).
The purchased assets included Hauser CROs laboratories,development and manufacturing facilities and equipment, intellectual property,goodwill, professional staff and certain of its ongoing contracts. As part ofthe transaction, InB/Hauser also acquired Hauser CROs rights under a priorcontract to receive royalties and other payments from InB/Hausers subsidiary,Paxis Pharmaceuticals (Paxis) for intellectual property used by Paxis in themanufacture of Paclitaxel.
Gerald Kay, chief executive officer of InB/Hauser said, HauserCRO was the original supplier of Paclitaxel used by Bristol-Myers Squibb for itscommercial launch of Taxol more than 10 years ago. Our purchase of this businessstrengthens our presence in the pharmaceutical industry and accelerates ourability to become a significant life sciences company with in-house capabilityto develop other specialty active pharmaceutical ingredients (APIs) as well asproprietary technologies for other INB companies and third-party clients. Theacquisition supports our previously announced strategic plan to diversifythrough acquisition of related businesses.
Eric Friedman, InB/Hausers chief financial officer, said,We saw that Hauser CRO had achieved nearly $7 million in total revenues in2002, which produced nearly $1 million in operating income. Its performance thenfell apparently due to problems of its then parent company. Under the InB/Hauserumbrella we will provide the financial stability and market presence necessaryto support current client activities and convince new and returning clients toagain rely on Hauser CRO for the laboratory and chemistry expertise they need.We are encouraged by our early efforts to communicate our plans to all formerand potential clients that the Hauser CRO is on solid footing and planning forthe future.
You May Also Like
Sep 28, 2023
Innovation in stress and sleep management: Holixer™– white paperSep 22, 2023
Probi study finds subjects’ brains worked better under stress with probioticSep 29, 2023
Cognitive health growth comes out on top: A range of solutions for diverse needs continue to emerge and win – product development guideSep 25, 2023
LifeVantage proxy fight heats up as revenues coolSep 28, 2023