News Update

Gland Pharma to acquire French Pharma company Cenexi

• ByStartupStory     |    November 30, 2022

As it seeks to increase its footprint in European markets, generic injectables manufacturer Gland Pharma Ltd announced on Tuesday that it will purchase privately held French pharmaceutical company Cenexi for 120 million euros ($124.3 million).

With three manufacturing facilities in France and one in Belgium, Cenexi is a contract development and manufacturing business that creates sterile and injectable pharmaceutical products. Cenexi was separated from Roche Holding in 2004.

With exports to international markets, Europe generates the majority of Cenexi’s revenue. Its revenue decreased from 195.3 million euros in 2020 to 184.1 million euros in 2021.

The US, Europe, Canada, and Australia are the main markets for Gland Pharma. 72% of the second quarter’s income came from the countries. The deal has an enterprise value of 230 million euros, including debt, and will be financed with internal funds, the company claims. The announcement comes hours after Bloomberg News reported that Shanghai Fosun Pharmaceutical Group Co Ltd, the parent company of Gland Pharma in China, was considering selling the business, which caused Gland’s shares to rise 7.6%.

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