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Cambrex Acquires Stake in Zenara Pharma
Date:11/2/2010

ing a strong company and we look forward to working with them to rapidly grow the business."

Ashok Narasimhan, the President of Cambrex Zenara added, "Cambrex, with its leading position in western markets for the development and manufacture of APIs, and its history of supplying products to the NRT market, is a natural partner for Zenara.  Our technology and cost position enable us to supply cost effective products to our customers in both developed and higher growth emerging markets.  We are currently supporting our customer's launch of NRT gums and lozenges in India, with roll-outs in several other high potential markets to follow in 2011 and beyond.  We look forward to working with Cambrex to accelerate our market penetration and expand access for both companies to new product categories, geographies and customers."

Cambrex acquired a 51% equity stake in Zenara for $20 million, which may be adjusted based on closing date working capital balances.  Pursuant to the stock purchase agreement, Cambrex will acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortization ("EBITDA") and cumulative EBITDA for the years 2011 through 2015.

The Company does not expect the impact of its ownership stake in Zenara to be material to Cambrex's income statement for 2010.  Transaction costs will be recorded in the third and fourth quarters.

Please see the Company's SEC filings for a more complete description of this transaction, Cambrex's business and historical performance.

Forward Looking Statement

This document may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under The Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding expected performance, especially expectations with resp
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SOURCE Cambrex Corporation
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