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Stockholders approve sale of AMRI

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Stockholders approve sale of AMRI

ALBANY -- Stockholders of Albany-based pharmaceutical company Albany Molecular Research Inc. on Friday voted to approve AMRI’s acquisition by two private equity firms.

AMRI’s board of directors previously had unanimously approved the deal with Carlyle Group and GTCR and recommended that AMRI stockholders do the same. On Friday, they voted 35.3 million to 115,995 in favor of the deal.

The deal, officially announced in June, values AMRI’s stock at $21.75 per share.

The merger is expected to close within the next two weeks, subject to customary closing conditions.

AMRI is a global pharmaceutical research, development and manufacturing company. It is headquartered in Albany and has its largest facility in East Greenbush; it had 26 other facilities and 3,085 employees worldwide as of Dec. 31. A little less than half of its workforce -- 1,392 people -- is in the United States. It has 315 employees in Albany and 365 in East Greenbush.

An AMRI spokeswoman in June said the deal was expected to results in no local cutbacks, as the new owners would be focused on growth rather than restructuring the company or selling off parts of it.