Provepharm Life Solutions Raises €120 Million
Provepharm Life Solutions, a private French pharmaceutical company that finds new applications for well-known molecules, today announces a €120 million ($142.3M) strategic funding. Tikehau Capital will provide the funds and joins the group’s pool of banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance. This new investment will enable the group to speed up its internal R&D and external growth projects, in line with its Horizon 2025 strategy.
The 2020 financial year saw outstanding results and strong growth for Provepharm Life Solutions – in spite of the ongoing global pandemic. This includes a 30% increase in turnover and, following its acquisition of Apollo Pharmaceuticals in December 2020, the successful integration of a portfolio of products. The company expects to use the new funds to plan significant structural operations in the years to come.
“Tikehau Capital is delighted to support the Provepharm pharmaceutical group with its highly innovative projects and its ambition for international growth. We are grateful to Michel Feraud and his team for trusting us. As well as providing a private debt financing solution, Tikehau Capital will become a long-term partner of Provepharm, allowing it to capitalize on promising opportunities in high-growth markets,” said Cécile Mayer-Lévi, head of private debt activity at Tikehau Capital.
Provepharm’s goal as a pharmaceutical laboratory is to create innovative ways to maximize the potential of all molecules, in order to offer treatments that will improve the lives of patients. Strengthening its financial resources with this major and favorable deal will enable the group to retain its independence in terms of capital.
“Our consistent performance, paired with our ambitious long-term plans, continues to strengthen our partnership with our financial partners. This new investment means that we can accelerate the time-frame for our Horizon 2025 strategic plan and actively contribute to advances in treatment that are sure to benefit patients,” explained Michel Feraud, CEO of Provepharm Life Solutions.
Over the coming months, the company plans to consolidate its position as an international and independent pharmaceutical group, specifically by hiring new staff in France and the United States, and increasing the size of its laboratories in Marseille, so that it can continue to manage its entire value chain.