NewsEconomicsPhilip Morris, agreement for the acquisition of Fertin Pharma...

Philip Morris, agreement for the acquisition of Fertin Pharma for 820 mln dlr

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Philip Morris International (Pmi) announced yesterday that it has signed an agreement to acquire Fertin Pharma A / S (Fertin Pharma), a leading company in innovative wellness pharmaceutical products based on intraoral delivery systems, for corporate value of 5.1 billion Danish kroner (approximately 820 million US dollars). “The acquisition of Fertin Pharma will represent a significant step forward in realizing a smoke-free future by enhancing our smokeless product portfolio, particularly in the modern oral sector, and accelerating our progress in the nicotine-free businesses,” he said. Jacek Olczak, Chief Executive Officer of Philip Morris International. “Both SMEs and Fertin share a commitment to science and innovations focused on the final consumer, to improve their quality of life. I am delighted to have reached this agreement: Fertin’s diversified portfolio of technologies, the evolving business mix and world-class experience will enrich our innovation capabilities, providing speed and scale to support our goals of generating more than 50% of our net revenues from smoke-free products and at least $ 1 billion from nicotine-free products by 2025. ” Fertin Pharma is a privately held company with over 850 employees, whose operations are based in Denmark, Canada and India. It is a leading contract development and manufacturing organization (CDMO), specializing in the research, development and manufacture of gums, pouches, liquefiable tablets and other solid oral systems for the delivery of active ingredients, including nicotine, and is among the manufacturers leader of technologies for nicotine replacement therapies (NRT). The company and its employees bring significant scientific experience and know-how to the development of innovative solutions, driving significant growth in new and existing business areas. In 2020, Fertin Pharma generated net sales of 1.1 billion Danish kroner (approximately 160 million US dollars). The transaction value represents a multiple of approximately 15 times Fertin Pharma’s 2020 Ebitda.Fertin Pharma is currently owned by the global investment fund Eqt and Bagger-Sorensen & Co. Upon completion of the acquisition, Fertin Pharma will become a wholly owned subsidiary. subsidiary of SMEs. SME will finance the transaction with existing liquidity and expects that transaction to close in the fourth quarter of 2021, subject to approval by relevant regulatory authorities. SME expects the acquisition’s impact on adjusted diluted EPS for the full year 2021 will be negligible. Fertin Pharma, comments Peter Halling, Chief Executive Officer of Fertin Pharma, “has embarked on a fantastic journey with EQT and the Bagger family. Sørensen as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue realizing their vision, including working as a CDMO for their clients. SME is going through a profound transformation with the ambition to realize a smoke-free future and to build a portfolio of products beyond nicotine. An ambition that fits perfectly with that of Fertin Pharma, which is to enable people to live healthier lives. In Pmi we have found a new owner and partner who shares the our vision, which is committed to science and which will enable Fertin Pharma to accelerate and grow further as a company. “With the acquisition of Fertin Pharma, Philip Mo rris International will acquire significant know-how for the development, formulation and commercialization of new and existing anti-smoking platforms, including the ability to accelerate its presence in the rapidly growing modern oral category, providing a superior consumer experience through a wide range of smokeless products, such as nicotine sachets and tablets; will leverage Fertin’s oral delivery platforms to access a range of promising technologies, complementary to SME’s inhalation experience, for scientifically proven botanicals and other self-care wellness products, including over-the-counter solutions and quality-enhancing supplements of people’s lives in areas such as sleep, energy, calm and concentration; will further strengthen its global R&D platform and manufacturing expertise in the nicotine and non-nicotine areas, through the integration of the expertise of Fertin’s highly skilled human resources, including 80 scientists; will accelerate progress on key sustainability priorities, notably by expanding the reach and access of its smoke-free alternatives to adult smokers around the world to accelerate smoking cessation and build a strong business beyond nicotine. this year, PMI announced its goal of generating more than 50% of its total net revenues from smoke-free products by 2025. In addition to its continued commitment to achieving a smoke-free future, PMI aims to leverage its capabilities in life sciences, product innovation and clinical expertise to expand its portfolio beyond tobacco and nicotine, with scientifically proven products and solutions that improve people’s lives and generate a positive net impact on society.

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