Gland Pharma enters into put option agreement to acquire 100Percentage of Cenexi Group

4 Dec 2022 , 01:34 AM

Gland Pharma announced that it has through its wholly owned subsidiary Gland Pharma International Singapore entered into a Put Option Agreement to acquire 100Percentage of Cenexi Group for an Equity Value not exceeding Euro 120 Mn Enterprise Value of Euro 230 Mn Founded in 2004 Cenexi along with its Subsidiaries is engaged primarily in the business of Contract Development Manufacturing Organisation CDMO of pharmaceutical products with expertise in sterile liquid and lyophilized fill finished drug including capabilities on oncology and complex products It 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 It has an employee strength of 1372 including 1252 employees across 4 manufacturing sites and 120 employees for services Its revenue for CY21 stood at Euro 1841 Mn Gland Pharma has a strategic focus on expanding its CDMO offerings in the European market and build 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 Pharmas 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 benefit for both entities along with helping Gland enter the branded CDMO space