Alex Nikitine (right) Dimitrios Berger (left)

Astorg signs binding agreement with ICIG to acquire CordenPharma

Private equity firm Astrog has entered into a binding agreement with privately owned industrial group International Chemical Investors Group (“ICIG”) whereby Astorg will acquire CordenPharma, a global pharmaceutical CDMO (Contract Development & Manufacturing Organisation) with highly differentiated capabilities in Active Pharmaceutical Ingredients, Excipients, and Drug Products, from ICIG.

As part of the transaction, the founders will take the opportunity to reinvest as partners with Astorg. The CordenPharma, has experienced strong organic growth thanks to its position in complex and fast-growing drug modalities including mRNA vaccines, peptides and high-potency compounds notably for oncology therapeutics.

Established in 2006, CordenPharma currently 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

Following a strategic review of its portfolio, ICIG had concluded, that CordenPharma in its next growth phase would be best developed further with a partner and that ICIG would focus more on its chemicals portfolio.

The transaction remains subject to customary regulatory approvals. The terms of the transaction have not been disclosed.

The advisors

Walder Wyss acted as Swiss counsel to Astorg in connection with the transaction. The team was led by partner Alex Nikitine (corporate/m&a, pictured right) and senior associate Dimitrios Berger (corporate/m&a, pictured left) and further included managing associates Hugh Reeves (IP/IT), Boris Räber (corporate/m&a) and Dzevrije Zendeli (employment/corporate/m&a), senior associates Dominik Aerni and Martina MadonnaQuadri (both corporate/m&a), associates Erik Lanz and Karina Tschon (both corporate/m&a), associate Etienne Trandafir (real estate), trainees Milos Karic and Kevin Caratsch (both corporate/m&a)

Astorg was advised by Jefferies International Limited (lead m&a) and Houlihan Lokey (m&a), Latham & Watkins (legal), EY (financial, tax), Alvarez & Marsal (operations) and BCG (commercial).

ICIG was advised by William Blair (m&a), Freshfields (legal), PwC (financial, tax), ERM (EHS) and LEK (commercial).

Suzan Abdien Hago Taha

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