PMC Group International Inc., an independent arm of PMC Group Companies, has purchased Cobra Investments Management Inc. and its two subsidiaries, Copperhead Chemical Company Inc. and Copperhead Investments Inc. Copperhead is the manufacturing arm of the three acquired entities and is located on an 875 acres facility with 53 buildings in Tamaqua, Pennsylvania.
“The acquisition of Copperhead and its associated companies increases our penetration of the pharma market,” said Dr. Raj Chakrabarti, president of PMC Group International. “This new acquisition will fit neatly and synergistically with our other Pharmaceutical services and manufacturing companies – especially PMC Isochem in France with three sites that include manufacturing of excipients and APIs as well as protein engineering, drug development and drug discovery services; and PMC YM-Pharma in Hyderabad, India, which provides process development and advanced pharmaceutical intermediate manufacturing services.” Dr. Raj Chakrabarti added that Copperhead will also have further manufacturing and marketing synergies with PMC Ouvrie, which is a leading supplier of defoamers, surfactants, and protective colloids for food and other industrial applications. He further added that “with the acquisition of Copperhead, PMC Group International is now poised to provide an end-to-end CDMO offering spanning all phases of drug development and manufacturing across three continents.”
Citi is serving as sole financial advisor to Lucid. BofA Securities and Guggenheim Securities are serving as M&A advisors to Churchill, and Guggenheim Securities rendered a fairness opinion to Churchill in connection with the proposed transaction. BofA Securities and Citi are serving as co-placement agents and Guggenheim Securities is serving as capital markets advisor to Churchill on the PIPE. Davis Polk & Wardwell LLP is serving as legal counsel to Lucid. Weil, Gotshal & Manges LLP is serving as legal counsel to Churchill.