A Spanish contract development and manufacturing organization (CDMO) has secured investment from Madrid-headquartered Suanfarma SA to further its international growth plans.
Idifarma, which specializes in high potency development and manufacturing and spray drying to solve low solubility challenges, has grown from a small start-up business established in 2001 to a global CDMO working with more than 100 pharmaceutical companies.
As part of a planned process to replace venture-capital financial partners, Suanfarma SA has acquired a stake in the CDMO. The firm has more than 20 years of experience as a specialized supplier of raw materials to the pharmaceutical industry.
Luis Oquiñena, General Manager and cofounder of Idifarma, says: “With this announcement, Idifarma begins a new phase of growth and consolidates its position as a specialist service provider for the pharmaceutical industry in Europe. Suanfarma SA has a strong international presence, including the US, India, China, Brazil and Mexico, and will bring significant growth opportunities to Idifarma. It’s an exciting time for our company as we celebrate 15 years since Idifarma was founded and we look forward to the months ahead.”
Suanfarma SA acquired its shares from three venture capital firms, while the cofounders of Idifarma remain as shareholders and in executive positions. Two local financial investors (Sodena and Caja Rural de Navarra), which have funded the company since its inception, will also remain as shareholders to provide stability to the CDMO in this new phase of growth.
Hector Ara, CEO of Suanfarma SA, added: “Our partnership with Idifarma is an opportunity to contribute to the growth and strengthening of a company with which we can develop synergies that will improve our position in an increasingly competitive and demanding market. With a proven business model, Idifarma has huge growth potential and we plan to develop the CDMO’s percentage of international business, which already exceeds 50%.”
Based near Pamplona, Spain, Idifarma Desarrollo Farmacéutico provides contract development and manufacturing services to the pharmaceutical industry. Established in 2001, the CDMO currently works with clients from across 15 countries, and specializes in highly potent drugs.
Formed in 1993, Suanfarma SA is a privately held company that specializes in the development, production and marketing of raw materials for the pharmaceutical, biotechnology, veterinary, nutritional and cosmetic sectors. It has subsidiaries in the US, Latin America, Middle East and Africa and operates in more than 60 countries on all continents.