Astorg has signed a binding agreement to acquire pharmaceutical CDMO CordenPharma from International Chemical Investors Group (ICIG). The CDMO has reportedly experienced strong organic growth owing to its position in fast-growing drug modalities including mRNA vaccines, peptides and high-potency compounds notably for oncology therapeutics.
Established in 2006, CordenPharma employs more than 2,600 people in 11 manufacturing facilities and one R&D laboratory located across Europe and the US. The company serves more than 250 blue-chip pharma and biotech customers across five technology platforms: peptides, lipids & carbohydrates (notably lipids for mRNA vaccines and therapeutics), highly potent & encology, injectables and small molecules.
The CDMO offers an integrated product offering and end-to-end capabilities from early-stage development to commercial large-scale manufacturing.
“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.” said Judith Charpentier, Partner and Head of Healthcare at Astorg.
“We look forward to having the opportunity to partner with ICIG and the company’s founders, Michael Quirmbach and the broader management team to drive our joint vision and growth ambitions. We will leverage our expertise in pharma services and our global network to help further develop the company through both organic and external initiatives.” said Dr Signe Michel, Director Healthcare Investments at Astorg.
“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, MD of ICIG. “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” said Patrick Schnitzer, Managing Director of ICIG.
“I would like to personally thank Patrick Schnitzer and Dr. Achim Riemann for their trust, support and commitment over the years in supporting CordenPharma’s growth and strategic vision to become a leading CDMO. Together with Astorg we will continue this exciting journey and further accelerate the growth as an organisation across our 5 technology platforms,” said Dr Michael Quirmbach, CEO, CordenPharma.
