By Lisa Kerner
Charlotte, N.C., Oct. 30 - AAIPharma Inc. said it raised $30 million through a rights offering to existing shareholders and option holders.
The offering was backstopped by a group of principal shareholders led by JPMorgan.
"The closing of this financing is yet another major step in the relaunch of our company as an important player in the drug development industry," president and chief executive officer Ludo Reynders said in a news release.
"Raising capital at this time allows us to respond quickly to growth opportunities in the areas of process innovation, service specialization and geographic expansion."
AAIPharma used a portion of the proceeds to acquire Cvitkovic & Associes Consultants SA, and the remainder will be used to accelerate the development and growth of the company's core service business.
The company, based in Wilmington, N.C., provides product development and support services to the pharmaceutical, biotechnology and medical device industries.
| Issuer: | AAIPharma Inc.
|
| Issue: | Rights offering
|
| Amount: | $30 million
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| Investors: | Existing shareholders and option holders
|
| Announcement date: | Oct. 30
|
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