Foster Wheeler has strengthened its position in the biotech and pharma markets by completing the acquisition of 100% of stock in Biokinetics Inc from MPA Holdings LP.
Bill Bridges, Owner of Biokinetics wrote:
I see your success continues. That’s not surprising at all.
I thought I would take this moment to thank you for helping me and my partners when we sold our business. If you repeat the success we had under your leadership, which I am certain you will do, you and your clients will both be extremely successful going forward.
I believe due to your personal efforts, we received 25 to 50% more for our business than we would have otherwise. The process you laid out and the effort you expended, along with your professional attitude and personality kept the discussions going with multiple suitors, even with some very difficult and tough negotiators.
And, your support in vetting the potential acquirers so that we not only maximized the price, we did so with a partner that, also, met all of our non-monetary requirements.
Foster Wheeler Acquires Leading US Biopharmaceutical Process Design Company
Foster Wheeler Ltd. announced recently that it has significantly strengthened its position in the biotech and pharmaceutical markets by completing the acquisition of 100% of the stock of privately held Biokinetics Inc. from MPA Holdings LP.
This acquisition enables Foster Wheeler to re-establish its position in the North American pharmaceutical market and strengthens its position relative to key US pharmaceutical companies seeking to invest in the US and globally. In addition, this acquisition will provide enhanced capabilities to existing Biokinetics clients.
Terms of the transaction were not disclosed.
“The pharmaceuticals, biotechnology and healthcare market is a core market segment for Foster Wheeler and is one in which we are committed to growing our market share,” said Umberto della Sala, president and chief operating officer of Foster Wheeler Ltd. “This acquisition is part of Foster Wheeler’s overall strategy to complement organic growth in our Global Engineering & Construction business with highly targeted acquisitions. This particular transaction enables us to expand our global presence in this sector and further enhance our existing biopharmaceutical skills base. We will be able to deliver comprehensive and responsive capabilities to existing, as well as new, clients, anywhere in the world. We have already established an excellent working relationship with Biokinetics and believe that the combination of our two companies’ skills and experience will add value to pharmaceutical companies developing projects in the U.S. and internationally.”
About Foster Wheeler
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
Biokinetics was established in 1996 and is now a recognized industry leader in process systems design for the biopharmaceutical industry, with expertise in bioprocess unit operations including fermentation, mammalian cell culture, bioreactors, bacterial and yeast fermentation recovery, live and attenuated virus processing for vaccines and plasma-derived products; associated processing and support systems; pharmaceutical fill-finish and materials handling; process simulation and optimization; modular process design; high-purity water systems; validation services. Biokinetics is headquartered in Philadelphia, PA, with additional operations in California and North Carolina in the USA and Carlow in Ireland. It has approximately 130 employees. For more information about Biokinetics, please visit www.biokinc.com.
MPA Holdings LP is a Delaware limited partnership owned by the three principals of Biokinetics: William Brydges, James Dougherty and Anthony Contino. Under the terms of the purchase agreement they will continue as the senior leadership team of the company.
SOURCE: Foster Wheeler Ltd.
Further Completed M&A Deals – Proscribe Acquired By Envision