CoreRx Inc. has agreed to acquire Societal CDMO, Inc., a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, in a deal valued at approximately $130 million.
  
Societal CDMO’s board of directors unanimously approved the transaction and plans to recommend that all shareholders tender their shares in the tender offer.
 
This news comes months after Societal CDMO announced a strategic restructuring plan to streamline and optimize operations.
 
“We are pleased to enter into this transaction with CoreRx, which delivers substantial value to our shareholders and is the outcome of a thorough review process overseen by the Societal CDMO board of directors,” said Wayne Weisman, executive chairman of Societal CDMO’s board of directors.
 
“The enhanced CDMO that will be created through this transaction will be positioned to offer both existing and new customers strength in formulation development, early-stage production, clinical trial services, commercial-scale manufacturing, and a range of packaging services. The prospects for this combined entity to establish itself as a preferred CDMO partner in the small molecule space are bright and we look forward to the opportunity to contribute to the new company’s success,” said David Enloe, chief executive officer of Societal CDMO. “We are proud to see our team’s accomplishments and are truly grateful for the contributions made by all team members to the success of the company. I am confident that this transaction will maximize value for our shareholders.”
 
Raymond James & Associates, Inc. is acting as financial advisor to Societal CDMO.

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