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Rebecca Lumley
9 May 2022

Private equity firm to acquire CDMO CordenPharma from ICIG

Astorg has agreed to acquire the CDMO from privately-owned industrial group ICIG 

Private equity firm Astorg have signed a binding agreement with International Chemical Investors Group (ICIG) to acquire CordenPharma, a contract development and manufacturing organisation with capabilities in APIs, excipients and drug products.  

Financial details were not disclosed, though the deal is reported to be worth €2.5 billion. As part of the transaction, the founders will reinvest as partners with Astorg.  

CordenPharma was established in 2006 and has seen strong growth in the 16 years since due to its position in complex and fast-growing drug modalities including mRNA vaccines, peptides and high-potency compounds, notably for oncology therapeutics.  

It employs more than 2,600 people at 11 manufacturing facilities and one R&D laboratory located across Europe and the US. Its customer base is comprised of more than 250 blue-chip pharma and biotech companies across five technology platforms: Peptides, Lipids & Carbohydrates (notably lipids for mRNA vaccines and therapeutics), Highly Potent & Oncology, Injectables and Small Molecules.  

Speaking about the acquisition, Astorg’s Head of Healthcare Judith Charpentier said: ‘The transaction is the result of our thematic sourcing effort in pharma services. We identified the Company as a leading CDMO focused on some of the most promising areas of pharma R&D and with a strong customer focus and unique innovation capabilities.’ 

ICIG said it came to the decision after a review of its portfolio, determining CordenPharma would be best developed further with a partner.  

‘Knowing that CordenPharma is in professional hands with Astorg will give ICIG the opportunity to focus and pursue new opportunities in its core chemical businesses,’ said Dr. Achim Riemann, Managing Director of ICIG.  

Patrick Schnitzer, Managing Director of ICIG added: ‘We are delighted that with Astorg, CordenPharma will have a very knowledgeable and capable new owner directing and supporting CordenPharma in its future growth under Michael Quirmbach’s extraordinary leadership.’  

The transaction remains subject to customary regulatory approvals. The terms of the transaction were not disclosed. 


Rebecca Lumley
Digital Editor - Pharma

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