LONGMONT — Avista Pharma Solutions Inc., a pharmaceutical-ingredient manufacturing company with a major Longmont presence, has been acquired by Cambrex Corp. (NYSE: CBM). The firm has been acquired for $252 million.

Cambrex is based in East Rutherford, N.J., and is a leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients (APIs).

Through the acquisition, Cambrex will enter the growing market for early stage molecule development and testing services. Avista offers services ranging from API and drug product development to standalone microbiology testing.

“We are excited to announce our acquisition of Avista, which further rounds out our small molecule service offering by adding a full complement of early stage development capabilities for both API and finished dosage form as well as comprehensive analytical testing services,” said Steve Klosk, president and CEO of Cambrex, in a prepared statement. “The addition of Avista further underscores our commitment to providing the broadest possible range of world class services to our global customer base.”

Avista operates four facilities: Durham, N.C.; Agawam, Mass.; Edinburgh, Scotland, and Longmont. Last year, the company announced plans to double its Longmont production facility. It was formed in 2016 when Minnesota-based Accuratus Labs acquired Boulder-based Array BioPharma’s manufacturing and controls operations in Longmont. Prior to the Cambrex acquisition, Avista was owned by Ampersand Capital Partners, a private equity firm.

Avista has more than 400 active customers and is expected to generate $65 million in annual revenue in 2018. The company’s 330-person workforce will join Cambrex’s team of 1,700 employees across the U.S. and Europe.

The deal is expected to close by the end of this year.