Foster Wheeler acquires leading US biopharmaceutical process design company
26 Feb 2008
Foster Wheeler Ltd. announced yesterday the completion of 100-per cent acquisition of privately held Biokinetics Inc. from MPA Holdings LP for an undisclosed sum.
This acquisition enables Foster Wheeler to re-establish its position in the North American pharmaceutical market and strengthens its position relative to key US pharmaceutical companies seeking to invest in the US and globally.
In addition, this acquisition will provide enhanced capabilities to existing Biokinetics clients.
"The pharmaceuticals, biotechnology and healthcare market is a core market segment for Foster Wheeler and is one in which we are committed to growing our market share," said Umberto della Sala, president and chief operating officer of Foster Wheeler Ltd. "This acquisition is part of Foster Wheeler's overall strategy to complement organic growth in our global engineering and construction business with highly targeted acquisitions. This particular transaction enables us to expand our global presence in this sector and further enhance our existing biopharmaceutical skills base.
''We will be able to deliver comprehensive and responsive capabilities to existing, as well as new, clients, anywhere in the world. We have already established an excellent working relationship with Biokinetics and believe that the combination of our two companies' skills and experience will add value to pharmaceutical companies developing projects in the U.S. and internationally."
Foster Wheeler Ltd offers through its subsidiaries a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. It serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda and its operational headquarters are in Clinton, New Jersey, US.
Biokinetics was established in 1996 and is now a recognised industry leader in process systems design for the biopharmaceutical industry, with expertise in bioprocess unit operations including fermentation, mammalian cell culture, bioreactors, bacterial and yeast fermentation recovery, live and attenuated virus processing for vaccines and plasma-derived products; associated processing and support systems; pharmaceutical fill-finish and materials handling; process simulation and optimisation; modular process design; high-purity water systems; validation services. Biokinetics is headquartered in Philadelphia, PA, with additional operations in California and North Carolina in the USA and Carlow in Ireland. It has approximately 130 employees.
MPA Holdings LP is a Delaware limited partnership owned by the three principals of Biokinetics: William Brydges, James Dougherty and Anthony Contino. Under the terms of the purchase agreement they will continue as the senior leadership team of the company.
