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Vifor Pharma drives transformation with divestment of non-core finished drug manufacturing to CordenPharma
Rhea-AI Impact
(Neutral)
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Rhea-AI Summary
Vifor Pharma announced the divestment of its finished drug manufacturing operations to CordenPharma, aiming to streamline its structure and focus on nephrology and iron therapies. CordenPharma will take over facilities in Fribourg, Ettingen, and Lisbon, continuing to supply Vifor Pharma products. This strategic move is expected to optimize operational efficiency and strengthen Vifor Pharma's core capabilities. The deal will be closed in Q1 2022, with financial terms undisclosed, and is not expected to impact CSL Limited’s tender offer disclosed earlier.
Positive
Divestment streamlines Vifor Pharma's operations, allowing a sharper focus on nephrology and iron portfolio.
CordenPharma's acquisition provides a solution for Vifor's manufacturing employees and maintains product supply continuity.
Negative
The divestment will trigger an asset impairment to be reported in Vifor Pharma’s 2021 financial results.
Focus on expansion in nephrology, and to maximize opportunities on the iron portfolio
Vifor Pharma to divest non-core assets on finished drug product facilities to CordenPharma, reducing organizational complexity, and optimizing cost structure
CordenPharma to assume manufacturing operations in Fribourg and Ettingen, Switzerland, and Lisbon, Portugal, continuing to produce and supply Vifor Pharma products
Vifor Pharma concentrates its core manufacturing capabilities on active pharmaceutical ingredient (API) production of its iron therapies in St. Gallen
ST. GALLEN, Switzerland & LUXEMBOURG--(BUSINESS WIRE)--
Regulatory News:
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
Vifor Pharma Group today announced the divestment of its finished drug product manufacturing business to CordenPharma, a full-service Contract Development & Manufacturing Organization (CDMO) of APIs, Excipients, Drug Products, and associated Packaging services. This decision reinforces Vifor Pharma’s strategy to transform the company into a multi-brand commercial organization, focusing on its core capabilities in-licensing, partnering and commercializing products in nephrology, and to further grow and maximize opportunities of its iron portfolio.
“In support of our ambitious growth strategy, optimizing our manufacturing footprint will enable us to build an even stronger, more efficient organization focusing on core capabilities in nephrology, and to maximize and leverage our market-leading expertise and intellectual property in iron deficiency,” commented Abbas Hussain, CEO of Vifor Pharma. “With CordenPharma, we have found the best suitable solution for our manufacturing employees and the drug production activities in Fribourg, Ettingen and Lisbon. With this agreement, Vifor Pharma is well positioned to continuously drive the company sustainably and profitably over the long term, for all our stakeholders.”
Dr. Michael Quirmbach, Chief Executive Officer & President of CordenPharma said: “The acquired Vifor Pharma sites have competent teams with great cultural fit, state-of-the art infrastructure, and a strong compliance track record. This excellent opportunity aligns well with our strategy to broaden our CDMO capabilities. By incorporating these three Vifor Pharma manufacturing facilities into our global network, we look forward to not only supplying Vifor Pharma as a manufacturing partner, but also closing gaps in our service offering for oral solid dosage drug product manufacturing and increasing our overall capacity. In addition, this acquisition further strengthens our fully-integrated solutions to our customers.”
Under the terms of the signed share purchase agreement, CordenPharma acquires all shares in Vifor SA, Fribourg (including its Ettingen branch), and OM Pharma SA, Lisbon, thus taking over Vifor Pharma’s finished drug product manufacturing operations at the three sites. The divestment will trigger an asset impairment, to be reported with Vifor Pharma’s 2021 financial results. The companies have agreed not to disclose financial terms of the agreement.
CordenPharma will integrate the new facilities into its existing CDMO network of Current Good Manufacturing Practice (cGMP) and R&D plants across Europe & the US, and organize the operations of the Fribourg, Ettingen and Lisbon sites under its Small Molecule Platform. It plans to utilize the existing manufacturing workforce, while continuing to produce and supply Vifor Pharma products. Vifor Pharma’s Swiss and Portuguese country commercial organizations, located in Fribourg and Lisbon, will remain with Vifor Pharma Group. Vifor Pharma and CordenPharma will jointly ensure long-term continuity of supply for customers and patients who depend on them.
This divestment, including all financial implications, has been disclosed to CSL Limited in the course of the due diligence process preceding the publication of the pre-announcement of the public tender offer by CSL Limited on 14 December and in so far has no impact on such tender offer.
Vifor Pharma and CordenPharma anticipate closing the transaction in Q1 2022, contingent on customary closing conditions.
About Vifor Pharma Group Vifor Pharma Group is a global pharmaceuticals company. It aims to become the global leader in iron deficiency, nephrology and cardio-renal therapies. The company is a partner of choice for pharmaceuticals and innovative patient-focused solutions. Vifor Pharma Group strives to help patients around the world with severe and chronic diseases lead better, healthier lives. The company develops, manufactures and markets pharmaceutical products for precision patient care. Vifor Pharma Group holds a leading position in all its core business activities and consists of the following companies: Vifor Pharma and Vifor Fresenius Medical Care Renal Pharma (a joint company with Fresenius Medical Care). Vifor Pharma Group is headquartered in Switzerland, and listed on the Swiss Stock Exchange (SIX Swiss Exchange, VIFN, ISIN: CH0364749348).
About CordenPharma
CordenPharma, the global pharmaceutical service & manufacturing platform of International Chemical Investors Group (ICIG), is a full-service partner in the Contract Development & Manufacturing (CDMO) of APIs, Excipients, Drug Products, and associated Packaging Services. Through a growing network of cGMP facilities across Europe and the US organized under five Technology Platforms – Peptides, Lipids & Carbohydrates, Injectables, Highly Potent & Oncology, and Small Molecules – CordenPharma experts translate complex processes and projects at any stage of development into high-value products.
