EAST RUTHERFORD, N.J., Feb. 6 /PRNewswire-FirstCall/ -- Cambrex
Corporation ("Cambrex") (NYSE: CBM) today announced that it has completed
the sale of its Bioproducts and Biopharma subsidiaries (the "Bio
Businesses") to Lonza Group AG. The sale was approved by an overwhelming
majority at a Special Meeting of Shareholders held yesterday.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO )
James A. Mack, Chairman, President and Chief Executive Officer of
Cambrex said: "We are pleased to have completed this important step in our
yearlong effort to enhance shareholder value. Assuming financing can be
arranged under favorable terms at anticipated levels, we expect to
distribute $13.50 to $14.50 as a special dividend to shareholders in the
near future. Our shareholders will have a continued interest in a global,
diversified life sciences company focused on Active Pharmaceutical
Ingredients and Pharmaceutical Services. Cambrex is well positioned to
create further shareholder value by building upon our strong brand
recognition, leveraging our position in high growth niche markets,
capitalizing on our recent investments in facilities and employees and
continuing cost reduction programs. The sale of our Bio Businesses was an
important milestone for Cambrex. We are excited about our growth prospects
as we concentrate our resources on the pharmaceutical products and services
business."
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 currently employs
approximately 850 worldwide. For more information, please visit
http://www.cambrex.com.
Forward-Looking Statements
This news release may contain "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, as amended, 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/or operating
performance. Any forward-looking statements are qualified in their entirety
by reference to the risk factors discussed in the Company's periodic
reports filed with the SEC. Any 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, interest rate, technology,
manufacturing and legal issues, changes in foreign exchange rates,
performance of minority investments, uncollectible receivables, loss on
disposition of assets, cancellation or delays in renewal of contracts, lack
of suitable raw materials or packaging materials, the possibility that the
value of the acquisition of PermaDerm cultured skin may not be realized or
that the Company's plans to obtain a Humanitarian Device Exemption,
completion of clinical trials and commercialization of PermaDerm cultured
skin in the United States may not be successful, the Company's ability to
receive regulatory approvals for its products, the outcome of the
evaluation of strategic alternatives, the availability of financing on
favorable terms in order to fund the portion of the special dividend that
is not being funded from proceeds of the sale and whether the Company's
estimates set forth in the definitive proxy statement filed January 4,
2007, with respect to its earnings and profits for tax purposes in 2007
will be correct. Any forward-looking statement speaks only as of the date
on which it is made, and the Company undertakes no obligation to publicly
update any forward- looking statement, whether as a result of new
information, future events or otherwise. New factors emerge from time to
time and it is not possible for us to predict which new factors will arise.
In addition, we cannot assess the impact of each factor on the Company's
business or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in any
forward-looking statements.
For further details and a discussion of these and other risks and
uncertainties, investors and security holders are cautioned to review the
definitive proxy statement, the Cambrex 2005 Annual Report on Form 10-K,
including the Forward-Looking Statement section therein, and other filings
with the SEC, including the Current Reports on Form 8-K filed on October
24, 2006, October 27, 2006 and November 2, 2006.
SOURCE Cambrex Corporation
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Related links:
http://www.cambrex.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO
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CONTACT:
Robert Thomson, Director, Investor Relations
of Cambrex Corporation, +1-201-804-3047, bob.thomson@cambrex.com
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