MILAN, Sep 21 (Class Editori) — China, along with the US, will be one of the main targets of the newco formed from the merger of Tuscany-based Kedrion with the British Group BPL, a transaction propitiated by Permira funds, in partnership with the Marcucci family and supported by their co-investors, a subsidiary wholly owned by ADIA (Abu Dhabi Investment Authority) and Ampersand Capital Partners. The transaction was completed together with Kedrion's existing shareholders, including FSI and CSP Equity.
From the merger of BPL and Kedrion, announced earlier this year but finalized this month, comes a global player in human plasma-derived medicinal products for the treatment of patients with rare, life-threatening conditions. The company will operate under a unified plasma collection model that includes nearly 75 centers in the US and will have a portfolio of 37 life-saving products with which to reach more than 100 countries.
It is estimated that about 60% of sales will be concentrated in the US market with 10 licensed products. At the same time, the company will maintain a strong leadership position in Italy and the UK, as well as establish its presence in the Chinese market through the recent distribution agreement for Albuminex.
Indeed, BPL is a key partner for the Chinese market. In 2016, Creat, a Chinese holding company led by Wu Xu, invested 100 million pounds in the British company, and Xu was appointed Chairman, a position he left in January when the Marcucci family, Kedrion's flagship shareholders, acquired BPL.
The unified Kedrion-BPL company will be led by Ugo di Francesco, current CEO of the Chiesi Group, who will take office next January. In the interim, management remains with Paolo Marcucci, co-founder of Kedrion, who will take over as Non-Executive Chairman in January.
The Tuscany-based company Kedrion has a portfolio of 21 products and over 600 marketing patents all over the world. Founded in 2001 by the Marcucci family, Kedrion has its roots in the Italian pharmaceutical industry dating back to the 1950s.
BPL, which is based in Elstree, UK, owns a portfolio aimed at successful products for rare diseases and is one of the fastest growing players in the plasma sector over the past five years. The company was established in its current form in 2010, but it collects a legacy of nearly seven decades, having been among the pioneers of the plasma industry.
The entrance in the Chinese market is guaranteed precisely by the presence of CEO Di Francesco, who was CEO of Chiesi Group for 10 years. Di Francesco led a phase of strong growth for the Group, which saw its sales more than double, going from 1.2 billion to 2.5 billion euros, and its number of employees increase from 3,500 to 6,500.
Under his leadership, the company expanded in other markets as well, in particular China and the US. “I am very glad to collaborate with Permira on this project aimed at combining two players at the forefront of this sector and giving life to a new global leader,” Di Francesco stated. “Together, Kedrion and BPL will be able to offer the best assistance to our patients and responsibly involve the donors: this is the reason why I cannot wait to lead the company’s growth starting next year”.
The Permira funds, in collaboration with the Marcucci family, will support the newco towards organic growth by internationalizing the existing portfolio and accelerating new product development, while also seeking new opportunities for growth through external lines: the aim is to become a diversified entity specialized in rare diseases.
“The partnership with Permira allowed us to take a huge step forward in the history of Kedrion, giving life to a global player in plasma-derived products able to successfully compete in a growing market characterized by new and constant challenges in the healthcare field,” Paolo Marcucci, Chairman and CEO of Kedrion, explained.
(Source:Class Editori)
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