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HEALTHCARE: Swiss buyer to keep management, push growth
A Swiss drug supplier has made Orange County part of its diversification plan.
Siegfried Holding AG will pay $58 million for Irvine-based Alliance Medical Products Inc. The deal also has incentives that could hike the price tag based on milestones for profits for 12 months ending in December 2013.
Alliance is a privately held contract manufacturer that was established 11 years ago in a divestiture by Rochester, N.Y.-based Bausch & Lomb Inc.
Alliance specializes in "difficult to manufacture" drug formulations, according to its website.
Siegfried is apparently interested primarily in Alliance's sterile filling business, which involves processing drugs in a way that meets purity standards.
The company, based in Zofingen, Switzerland, called the business line an "attractive segment of the pharmaceutical custom market" in a release announcing the deal.
Being part of Siegfried opens "growth and expansion possibilities," Juan Valdes, chief executive of Alliance, said in a statement.
Valdes and the rest of Alliance's management will remain in place in Irvine, according to the new owner.
Alliance was founded...