US-based contract research and manufacturing organization AMRI has completed the acquisition of Prime European Therapeuticals, also known as Euticals, for €315 million. A privately held company headquartered in Lodi, Italy, Euticals specializes in custom synthesis and API manufacture and operates a network of facilities, primarily in France, Italy, Germany, and the US.

Euticals has expertise in technologies and products that are niche or have a high barrier to entry, including certain tetracyclines, monobactams, sterile and fermented APIs, and controlled substances.

William Martin, AMRI’s president and CEO, said the acquisition expands its customer base, further diversifies its revenue streams and moves the company significantly closer to its goal of reaching $1 billion in annual revenues by 2018.

The transaction was funded by a combination of shares of AMRI common stock, a seller note, and cash. The deal was initially announced on May 5, 2016. Euticals is the second API firm that AMRI has bought in the past year. In July 2015, it paid $174 million for Spain’s Gadea Pharmaceutical, a company specializing in technically complex APIs and finished drug products.