CoreRx strikes $130M deal to snap up struggling small-molecule specialist Societal CDMO

Several months after Societal CDMO launched a restructuring campaign that led to 26 layoffs, the small molecule contract manufacturer has announced it’s being bought by one of its production peers in Florida.

Privately held manufacturer CoreRx has entered a definitive agreement to purchase Societal for $1.10 per share in cash, leading to a total deal value of roughly $130 million, the companies said in a press release late Wednesday.

Societal’s board of directors unanimously approved the deal, which is expected to close early in 2024’s second quarter.

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