Clinical research organization AAIPharma Services has hired its new CFO from the executive ranks of another pharmaceutical outsourcing services company.
Eric Evans joins the CRO from Patheon (TSX:PTI), a contract drug manufacturer based in Research Triangle Park, North Carolina. Evans brings more than 25 years of experience to the position. He has been Patheon’s CFO since 2008. Before Patheon, Evans worked in financial management positions at Novartis (NYSE:NVS). He also worked as CFO for the U.S. division of Sandoz, Novartis’ generic drugs arm.
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“(Evans’) familiarity with our clients’ contract pharmaceutical manufacturing and development needs will help AAIPharma continue to execute our market expansion strategy and capitalize on compelling industry growth trends,” AAIPharma CEO Patrick Walsh said in a statement.
The executive hire comes as AAIPharma expands via acquisition. The privately held Wilmington, North Carolina company last week acquired New Jersey-based Celsis Analytical Services, a unit of Celsis International that performs material testing services for the pharmaceutical, biotechnology and manufacturing sectors. Financial terms of the deal were not disclosed. But in a securities filing, AAIPharma’s parent AAI Holdings disclosed that it raised $20 million in connection with the acquisition of “all of the issued and outstanding capital stock of Celsis Analytical Services, Inc. by the issuer’s wholly-owned subsidiary, AAIPharma Services Corp.” The material-testing capabilities from Celsis add to AAIPharma’s services that include analytical chemistry, formulation development and contract manufacturing and packaging. Also, AAIPharma late last year disclosed plans to expand its Charleston, South Carolina manufacturing facility in early 2012.
AAIPharma is backed by Chicago private equity firm Water Street Healthcare Partners, which acquired the CRO in 2009. While terms of that acquisition were also not disclosed, Water Street at that time committed to pumping $75 million into AAIPharma to support its growth.
