Part of AAI Pharma under new ownership

Posted by Debra Worley - email

WILMINGTON, NC (WECT) - Part of a Wilmington pharmaceutical company is now under new ownership.

Water Street Healthcare Partners announced it has acquired the pharmaceutical development division of AAI Pharma.

The company celebrated the announcement Thursday at AAI Pharma's headquarters on 23rd Street.

Water STreet has committed up to $75 million to expand the business to make it a pharmaceutical leader.

"The investment that Water Street has made and will continue to make is really gonna be substantial in nature, and it's really gonna allow potentially much greater expansion in Wilmington and in other areas as well," said AAI Pharma CEO Lee Karras.

AAI Pharma serves more than 300 large pharmaceutical and biotechnology companies in North America.

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