Albany Molecular Research (AMRI) has purchased all the outstanding shares of Spain-based Gadea Pharmaceutical Group for around $174m.

Under the deal, AMRI has agreed to issue of 2.2 million shares of common stock worth about $43.8m to Gadea’s owners.

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AMRI president and CEO William Marth said: "The acquisition of Gadea marks another milestone in our company’s path towards becoming the pre-eminent supplier of custom and complex drug development services and product to both the branded and generic pharmaceutical industry.

Based in Valladolid, Gadea Pharmaceutical Group is an independent Spanish firm that includes Crystal Pharma, Cyndea Pharma and Gadea Biopharma.

"Gadea operates active pharmaceutical ingredients (API) business and finished dose development and manufacturing business and reported $83m in revenue in 2014."

The group operates active pharmaceutical ingredients (API) business and finished dose development and manufacturing business and reported $83m in revenue in 2014.

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Gadea’s Crystal Pharma is expected to expand AMRI’s API portfolio, allowing the firm to become a source of specialty and generic API.

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Crystal Pharma is involved in large-scale commercial API production, specialising in steroids, high-potency hormones, and sterile steroids.

Crystal’s API portfolio comprises 22 active US drug master files (DMFs), 17 EU certificate of suitability (COSs), 13 Japanese DMFs and two South Korean DMFs.

Gadea CEO Gerardo Gutierrez said: "Our capabilities in technically challenging API and diverse customer base are highly complementary to AMRI."

The acquisition will also expand AMRI’s API development and manufacturing capabilities in steroids and hormones.

The acquired business also enhances firm’s sterile drug product offerings with the addition of ophthalmic and parenteral suspension dosage forms and prefilled syringe and lyophilisation capability.