Celerity » 20021220 Celerity Partners Invests in ABC Laboratories, Inc., Provider of Outsourced Chemical and Biological Services for the Pharmaceutical and Chemical Industries.
Summary
Celerity is making an investment in ABC Laboratories as its platform in pharmaceutical outsourcing and expects the company to augment strong organic growth with selective strategic acquisitions. Since entering the pharmaceutical segment in 1995, ABC Laboratories has demonstrated its ability to compete and has been posting impressive growth rates in each of its service lines. Jake Halliday, Ph.D., ABC’s President and CEO since 1993 stated, “With our services platform now in place, this is the perfect time for Celerity to come into the picture – we can respond to growth opportunities backed by a stronger capital position. ABC Laboratories has put in place a unique combination of chemistry and biology services that are key to solving major challenges faced by the pharmaceutical and chemical industry – namely, selecting from the glut of drug candidates those most likely to achieve an FDA approval and advancing them through the preclinical, clinical and manufacturing development pipeline. This was an challenging year to be out raising capital and we were well served by our investment banking team from Stephens Inc. We also appreciate the continued support of our local lenders, First National Bank & Trust Company and Boone County National Bank.” ABC Laboratories received legal advice from ABC corporate counsel Howard Mick of Stinson Morrison Hecker in Kansas City, and Celerity was represented by Seth Berry of the Boston office of Weil, Gotshal & Manges.