EAST RUTHERFORD, N.J., Jan. 4 /PRNewswire-FirstCall/ -- Cambrex
Corporation (NYSE: CBM) announced today that its Board of Directors has
decided to discontinue the Company's acquisition program aimed at transforming
Cambrex into a specialty therapeutics enterprise due to the increasing cost to
acquire companies in this sector coupled with the risk of achieving an
appropriate return on investment. In order to maximize shareholder value,
the Company will concentrate its resources going forward on the Bioproducts
segment and capitalize on its leadership positions in cell biology, molecular
biology, rapid microbial testing and cell therapy manufacturing. The Human
Health and Biopharma segments will continue to be allocated the appropriate
resources necessary to maintain their leading market positions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO )
As a result of this change in strategy, it was mutually agreed that John
R. Leone, President and Chief Executive Officer will leave the Company
effective January 15, 2006. Mr. Leone joined Cambrex in August 2004 for the
purpose of leading the Company's entry into the specialty therapeutics market.
James A. Mack, Chairman of the Cambrex Board of Directors, will serve as
acting President and Chief Executive Officer.
The Company also intends to retain an investment banker to examine
strategic alternatives including the potential sale of certain assets. Any
proceeds from an asset sale may be used to support further growth in
Bioproducts, pay down debt, repurchase Cambrex stock or make complementary
strategic acquisitions in all segments. The Company will provide future
updates on its progress on this initiative as appropriate.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under
The Securities Exchange Act of 1934, including, without limitation, statements
regarding expected performance, especially expectations with respect to sales,
research and development expenditures, earnings per share, capital
expenditures, acquisitions, divestitures, collaborations, or other expansion
opportunities. These statements may be identified by the fact that words such
as "expects", "anticipates", "intends", "estimates", "believes" or similar
expressions are used in connection with any discussion of future financial and
operating performance. The forward-looking statements contained herein are
based on current plans and expectations and involve risks and uncertainties
that could cause actual outcomes and results to differ materially from current
expectations including but not limited to, global economic trends,
pharmaceutical outsourcing trends, competitive pricing or product
developments, government legislation and/or regulations (particularly
environmental issues), tax rate, technology, manufacturing and legal issues,
changes in foreign exchange rates, performance of minority investments, un-
collectable receivables, loss on disposition of assets, cancellation or delays
in renewal of contracts, lack of suitable raw materials or packaging
materials, and the Company's ability to receive regulatory approvals for its
products.
For further details and a discussion of these and other risks and
uncertainties, investors are cautioned to review the latest Cambrex Annual
Report on Form 10-K, including the Forward-Looking Statement section therein,
and other filings with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
About Cambrex
Cambrex is a global, diversified life sciences company dedicated to
providing products and services to accelerate and improve the discovery and
commercialization of human therapeutics. The Company employs approximately
1900 worldwide. For more information, please visit http://www.cambrex.com.
SOURCE Cambrex Corporation
 back to top
Related links:
http://www.cambrex.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO
Company News On-Call:
http://www.prnewswire.com/comp/134219.html
CONTACT:
Anne-Marie Hess Sr. Director, Investor
Relations & Corporate Communications, +1-201-804-3062,
annemarie.hess@cambrex.com
|
