Egypt-based Minapharm has acquired 95 per cent of CMO ProBioGen for a possible total of €30.4m ($37.6m).
Acquiring Germany-based ProBioGen will provide Minapharm with capacity and capabilities to support its biotech operations and product pipeline. ProBioGen provides contract manufacturing and cell line development services.
Speaking to Outsourcing-Pharma, Gertraud Unterrainer, chief financial officer of ProBioGen, said the contract manufacturing organisation (CMO) will continue to provide these services to clients and develop proprietary technologies.
Unterrainer said ProBioGen will retain “a deep commitment” to current and future customers. The CMO is seeking to expand its customer base in all regions, said Unterrainer, including Minapharm’s local area, Middle East and North Africa (MENA).
Work with Minapharm
In addition, in a press statement Volker Sandig, chief scientific officer of ProBioGen, said the CMO will use its “enabling technologies” to support development of Minapharm products.
Minapharm has “a long history of successful cooperation with ProBioGen”, said Wafik Bardissi, CEO of the Egypt-based firm. Acquisition of ProBioGen will intensify this cooperation and the companies expect synergies from complimentary expertise will drive growth at both businesses.
For example, the use of ProBioGen’s AGE1 cell lines “offer exciting possiblities for the enhanced production of biological products”, said Unterrainer. At this time Unterrainer is unable to comment on the proportion of capacity Minapharm will use or expansions it might fund.
The purchase price of €30.4m includes earn-out payments which are conditional on the achievement of certain milestones. Wieland Wolf is taking over as CEO of ProBioGen from Michael Schlenk.