Good news for a troubled Ohio life sciences company? An Akron-based investment group recently acquired Ricerca Biosciences for an undisclosed sum.
While in August Ricerca warned the state of Ohio that it might have to lay off its 200 employees, according to Crain’s Cleveland Business, it’s instead found a private buyer – Main Market Partners LLC.
Ricerca has been around since 1986, helping pharma and biopharma developers choose drug candidates, make it through the IND process, chemically synthesize and manufacture drugs. Crain’s writes:
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
It did not indicate if layoffs still will be needed at Ricerca, which collaborates with pharmaceutical and biopharmaceutical developers by providing services to accelerate drug development. Revenues have declined at the company as pharmaceutical companies have cut back spending on such development.
“We are greatly impressed with Ricerca’s excellent scientific track record,” Clifford Croley, a Main Market partner and new CEO of Ricerca, said in a release. Under new ownership, the company will continue to work in the drug safety, chemical development and agrochemical market segments – but a new, aggressive growth strategy will come in play, he said.
