Provepharm Life Solutions receives €42M
New funding will enable pharmaceutical group to accelerate program of international growth through acquisitions.
Provepharm Life Solutions, a French independent pharmaceutical and life sciences group which revitalizes known molecules, today announces it has obtained a €42.5M ($47.6M) syndicated loan from several French banks, including Société Générale, BNP Paribas, Banque Populaire Méditerranée and Crédit Agricole Alpes Provence. This financing will allow the group to accelerate its development through acquisitions.
Following strong progress in 2017, the group ended 2018 with record results and the successful integration of a product portfolio resulting from its first company acquisition, completed in October 2018. Provepharm plans to initiate similar and more important acquisitions over the next two years.
The Marseille-based company, a world leader in providing pharmaceutical-grade methylene blue, has reinforced its financial resources with this transaction. This also shows the confidence of historic banking partners as well as a new bank that joined the pool.
"This syndicated loan, which was arranged by Société Générale and completed by BNP Paribas, Banque Populaire Méditerranée and Crédit Agricole Alpes Provence, will help accelerate the transformation of our group," said Christian Käppner, chief financial officer at Provepharm Life Solutions.
"In line with our strategic plan, the group aims to complete its strategy of revitalizing molecules and expanding its drug portfolio. Future acquisitions should significantly diversify our business while accelerating our ambitious research programs which are already launched and on track," said Michel Féraud, CEO of Provepharm Life Solutions.
Over the next few months, the company plans to strengthen its position as an international and independent pharmaceutical laboratory with particular focus on the development of its US subsidiary.