...- Albany, N.Y.-based pharmaceutical contract development and manufacturing organization (CDMO) Curia Global Inc. (formerly Albany Molecular Research Inc.) announced plans to acquire LakePharma, a biologics service provider, and Integrity Bio, a fill-finish CDMO. - Curia plans to fund the transactions with debt. The company is issuing a $310 million incremental first-lien term loan due 2026 and a $340 million second-lien term loan due 2029 (unrated). - S&P Global Ratings expects pro forma adjusted leverage to rise above 7x following the transactions, declining to about 6.5x-7x by the end of 2022. - We affirmed our 'B' issuer credit rating and revised the outlook to negative from stable. We also affirmed our 'B' rating on the first-lien credit facilities. - The negative outlook reflects credit measures that will be weak for the rating through 2022, limited capacity for underperformance, and downside risk to our base case of meaningful deleveraging, over the next 12-18 months....
