AMRI to acquire Cedarburg Pharmaceuticals for $38.2M AMRI announced that it has signed a definitive agreement to acquire all the outstanding shares of Cedarburg Pharmaceuticals for $38.2M in cash. The transaction, including $2.8M of assumed liabilities, is valued at $41M. Cedarburg Pharmaceuticals is a contract developer and manufacturer of technically complex active pharmaceutical ingredients for both generic and branded customers. On a stand-alone basis, Cedarburg's forecasted full year 2014 revenue is approximately $19M, with adjusted EBITDA between $5.5M and $5.7M, implying a purchase price multiple of approximately 2 times 2014 revenue and approximately 7 times 2014 adjusted EBITDA at the midpoint of the range. The transaction is expected to close in early April 2014. Based on the anticipated timing of the close, the acquisition is expected to add between $13M-$14M to AMRI's revenue in 2014. AMRI anticipates full year run-rate synergies of approximately $1.5M of EBITDA within 12 months of closing and the acquisition is expected to be accretive to AMRI's 2014 adjusted diluted EPS in the range of 6c-7c per share. The acquisition and associated fees are expected to be financed through cash currently held by AMRI.