Sarasota, FL – August 8, 2018 – ANI announced that it has acquired WellSpring, a CDMO located near Toronto, in order to expand its contract manufacturing, and to increase capacity to re-commercialize its pipeline of acquired ANDAs that require a tech transfer.
WellSpring has capabilities in solid oral, semi-solids and liquids. The company has about 100 employees and a 100,000-sq.-ft. site that ANI has acquired as part of the transaction. WellSpring currently generates $15 to $20 million dollars in annual revenues. With a focus on brand and generic drug products, WellSpring currently manufactures 17 commercial products for 11 different customers, and is assisting customers on 13 additional products that are in development or awaiting FDA approval, according to ANI. The site manufactures drug products for the United States and Canadian prescription drug markets, and has substantial capacity, ANI added. ANI expects the acquisition will be accretive to its adjusted EBITDA, beginning in 2019.
Wellspring shareholders included Sentinel Capital Partners and Ancor Capital Partners, as well as management of Wellspring. Wellspring’s consumer operations were previously sold to Audax Group, including well known cosmetic and over-the-counter brands in skin care, feminine hygiene, and gastrointestinal care such as Bactine, Bonine, FDS, Emetrol, Micatin, Gelusil, Glaxal Base, Barriere, and K-Lyte. Fairmount Partners represented Wellspring Pharma Services, and ran the sale process that culminated in the successful sale to ANI.
“Wellspring is a fast growing CDMO with great expertise and lots of room for expansion, and we are confident that they will continue to do great things,” said Fairmount Partners Managing Director Neal McCarthy. He added, “it was a pleasure working with the management of Wellspring, including industry veterans Sam Ricchezza and Wendy Shusko, and the professionals at Sentinel and Ancor on this project – the 128th pharma services transaction completed by the team at Fairmount.”
About Wellspring Pharma
WellSpring Pharma Services is a unique cGMP compliant contract pharmaceutical manufacturer and packager of tablets, capsules, topical semisolids and non-sterile liquids products. It also offers pharmaceutical contract manufacturing services to the companies in North America and Europe. It serves consumers, healthcare professionals, and retailers. The company was founded in 1999 and is headquartered in Sarasota, Florida with a manufacturing facility in Ontario, Canada.
About Fairmount Partners
Based in Philadelphia, Fairmount Partners is the leading investment bank worldwide for pharmaceutical, device and related services businesses. Fairmount provides merger and acquisitions advisory services, and assists companies to raise funding for acquisitions, growth and liquidity. Fairmount’s Pharmaceutical Services Group has assisted clients to complete over 125 transactions in 18 countries in North and South America, Europe, Asia and Australia.
Further information is available at www.fairmountpartners.com
Contact: Neal McCarthy