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.
Related News
-
News Pharmapack Awards 2024 Patient-Centric Design Award Winner – Dr Ferrer BioPharma
The 2024 Pharmapack Awards celebrated the best in innovation and design for the pharmaceutical packaging and drug delivery industry on January 24, 2024. -
News Women in Pharma: Minding the Gap at Pharmapack 2024
2024 marks the first year Pharmapack will host a Diversity track dedicated to bridging the gap within the pharmaceutical packaging and drug delivery sector. The track includes a panel discussion on 'Enabling Diversity in the Workplace,' focused... -
News Pharmapack Awards 2024 - Celebrating Packaging and Drug Delivery Innovation
The 2024 Pharmapack Innovation Awards ceremony celebrated the best in pharmaceutical packaging and drug delivery innovation at all levels. The awards were held on January 24, 2024 at the Paris Expo Porte de Versailles. -
News 2024 Pharma Industry Trends Outlook: Collaboration, Market Maturity, and Digital Futures
The annual CPHI Online 2024 Pharma Trends Outlook, in partnership with Arvato Systems, identifies 12 key industry trends shaping the life sciences industry in the coming year. -
News New Novo Nordisk AI hub for drug discovery to open in London, UK
Danish pharmaceutical giant Novo Nordisk will be opening an AI-based research facility in the heart of London to advance drug discovery operations. -
News BioNTech to begin mRNA vaccine manufacturing in Rwanda by 2025
German biotechnology company BioNTech has stated their intentions to begin production at their mRNA vaccine factory in Rwanda by 2025, which will mark the first foreign mRNA vaccine manufacturing site on the continent of Africa. -
News Women in Pharma: Looking back on 2023 and moving forward to 2024
In this monthly series, we interview women from across the pharmaceutical industry and supply chain to discuss the importance of gender diversity in healthcare, the workplace, and beyond. -
News CPHI Barcelona 2023: Partnering for Success – Managing Outsourcing Relationships to Optimise Manufacturing Operations
During CPHI Barcelona 2023, insightful content sessions offered attendees the chance to explore trending topics with expert speakers and panellists. Here, we summarise what the pharma industry and supply chain are talking about the most.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance