Patheon has announced it has reached a definitive agreement to acquire IRIX Pharmaceuticals.

IRIX Pharmaceuticals, headquartered in Florence, SC, specialises in difficult-to-manufacture API needs for drugs from early and late development, through to commercial launch.

Patheon expects to close the transaction in the next 60 days.

The company secures additional API development and manufacturing services in the US, including high-potency (SafeBridge Class IV certified) and controlled substances (Schedule 1-4), helping to meet clients’ needs.

IRIX has a well-established reputation for optimising chemical processes and scale-up for commercial API manufacturing at sites in Greenville and Florence, SC.

DPx Fine Chemicals president Lukas Utiger said: "With this deal we expand our Patheon OneSourceTMintegrated offering and leverage years of operational experience and scientific excellence at IRIX to complement Patheon’s existing API operations in Europe."

Patheon and IRIX will offer an array of cutting edge process technologies, including biocatalysis, homogeneous catalysis and microreactors, and can address a range of supply chain issues for clients.

IRIX CEO Guy Steenrod said: "This is a strategic deal that allows us to help customers solve complex challenges with comprehensive, integrated solutions."

Patheon and IRIX have excellent track records with regulatory authorities, and are widely recognised as leaders in quality.

Completion of the transaction is subject to customary regulatory review.

Patheon legal counsel was provided by Skadden, Arps, Slate, Meagher and Flom.

Wells Fargo Securities served as exclusive financial advisor to IRIX Pharmaceuticals, with legal counsel provided by Wyrick Robbins Yates and Ponton LLP.