Kinex Pharmaceuticals Inc. announced that it has completed the acquisition of QuaDPharma LLC, a Western New York based privately-held company specializing in pharmaceutical manufacturing, analytical and support services to the pharmaceutical and biotech industries. Financial terms of the transaction were not disclosed.“Over the past two years, Kinex has substantially increased its global presence and we see numerous value creating opportunities in the specialty pharmaceutical industry between some of the largest and fastest growing markets in the world,” said Dr. Johnson Lau, Kinex board chairman and CEO. “The QuaDPharma platform enables us to execute against those growth opportunities requiring a cGMP capability.”
Flint Besecker, Kinex chief business officer and board director, commented: “The entire QuaDPharma leadership team has demonstrated a passion for pharmaceutical manufacturing quality and customer satisfaction. I am looking forward to working closely with Dr. Stephen Panaro and the QuaD team to carry out the global growth opportunities including expanding their existing relationships with their current customers.”
QuaDPharma President, Stephen Panaro, stated: “We are very excited to join the Kinex family. They possess a very experienced and established international leadership team, five proprietary clinical oncology drug candidates under development across multiple continents, and a global network of investors and pharmaceutical partners. We look forward to the opportunities that this global reach will create for QuaD and its employees.”
QuaDPharma had previously been funded by Rand Capital, Advantage Capital Partners and local angel investors. “We enjoyed supporting the team at QuaDPharma as they grew and helped satisfy the needs of their customers including many on the Buffalo Medical Campus. Kinex was one of their first customers and as part of this transaction Rand is now a shareholder in Kinex. We look forward to celebrating the successes of Kinex Pharmaceuticals through our ownership in Kinex;” said Allen Grum, CEO of Rand Capital.
Date: September 9, 2014
Source: Kinex
