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

Gland Pharma announced that it has through its wholly owned subsidiary Gland Pharma International, Singapore entered into a Put Option Agreement to acquire 100% 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 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 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 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 benefit for both entities along with helping Gland enter the branded CDMO space.

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