The Singapore based subsidiary of Gland Pharma has acquired Europe based Cenexi Group which is engaged primarily in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill- finished drugs, including capabilities on oncology and complex products.
The Gland Pharma entered into a put option agreement to acquire 100 percent of Cenexi Group for an Equity Value not exceeding Euro 120 Mn (Enterprise Value of Euro 230 Mn).
Cenexi Group has presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium. It has experience in processing specific substances like hormones, suspensions and controlled substances.
Cenexi Group has an employee strength of 1,372 including 1,252 employees across 4 manufacturing sites and 120 employees for services. Its revenue for CY21 stood at Euro 184.1 Mn.
Gland Pharma has a strategic focus on expanding its CDMO offerings in the European market and building a manufacturing presence in the market. The acquisition provides Gland Pharma access to leading know-how and development capabilities in sterile forms including for ophthalmic gel, needleless injectors and hormones.
Gland Pharma’s ability to support future investments in expanding manufacturing footprint will help build Cenexi as a major CDMO player in the European market. Gland and Cenexi can leverage their long- standing customer relationships to generate synergistic benefits for both entities along with helping Gland enter the branded CDMO space.
Mr. Srinivas Sadu, MD & CEO, Gland Pharma said "This proposed acquisition would be Gland Pharma’s first international acquisition, and it would perfectly support our goal of deepening access into the European markets. This acquisition would help expand our global presence and further solidify our identity as an injectable focused CDMO company."
He further said, "Together, we see exciting synergy opportunities from leveraging our combined sterile expertise and development capabilities to expand our customer base and increase share of wallet. The acquisition will not only act as a sustainable lever for long term growth but would also establish a leading European platform to enrich our offering and increase value add to customers."
