CRANBURY, N.J., Jan. 27, 2017 /PRNewswire/ -- Porton Fine Chemicals, Ltd., ("Porton", SZ 300363), a China-based contract development and manufacturing organization (CDMO) serving the global pharmaceutical industry, today announced that Porton USA, L.L.C. ("PTC"), a wholly-owned subsidiary of Porton, has entered into a stock purchase agreement with the shareholders of J-STAR Research, Inc. ("J-STAR"), a contract chemistry organization based in South Plainfield, New Jersey, under which PTC will acquire J-STAR from its shareholders for no more than USD 26 million in cash.

J-STAR has been serving as an outsourcing partner for the pharmaceutical and biotechnology industries since its inception in 1996. There are currently 47 employees with vast working experience in the industry, including 32 PhDs. J-STAR offers all of the necessary services to support early phase clinical development of small molecule API's, with core business covering custom synthesis, process research, crystallization research and development, analytical services, etc. After the acquisition, Porton will expand its business reach of its contract development and manufacturing organization.

"The strategic acquisition of J-STAR allows us to accelerate the fulfillment of our goal of providing integrated outsourcing services in the development and manufacturing of new drugs," said Oliver Ju, Chairman of Porton. "J-STAR will complement PTC, our recently launched technology center in Cranbury, NJ. We look forward to seeing market and operating synergies to be achieved in the future, and we are very pleased to welcome J-STAR to Porton."

"Adding our expertise and technologies onto more comprehensive, integrated development services to more customers has always been a main strategic goal for us. With the integration with Porton platform, we shall find a perfect match connecting our customized development ability with Porton's advanced manufacturing experience to better serve new drug industry," commented Dr. Andrew Thompson, CEO and cofounder of J-STAR.

About Porton
Founded in 2005, Porton Fine Chemicals is a top-tier, China-based external manufacturing partner and strategic supplier of custom drug intermediates and Active Pharmaceutical Ingredients (APIs) to many of the world's leading pharmaceutical companies.

We own and operate three Process technology centers and three manufacturing sites across China, including a US FDA-approved site. Supported by more than 1,700 customer-oriented employees, including more than 500 process scientists, operations, quality assurance, EHS and program management professionals, our sites are operated to global quality and environmental standards under a centralized management system.

About J-STAR
Founded in 1996, J-STAR Research, Inc. is a contract chemistry organization serving as an outsourcing partner for the pharmaceutical and biotechnology industries. Founded by Dr. Andrew Thompson, formerly of Merck Research Laboratories in the Department of Process Research, J-Star has become a leading provider of services in organic synthesis for a variety of pharmaceutical clients globally.