M&A
Gland Pharma acquires French CDMO Cenexi for $238-M
Publicly-listed Gland Pharma Ltd is to acquire 100% of Fontenay-sous-Bois, France-based Cenexi Group at an enterprise value of Euro 230 million (about USD 238 M). The maximum equity value payable for the target company, whose revenue for CY21 stood at Euro 184.1 million, is Euro 120 million. Founded in 2004, Cenexi is engaged primarily in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill finished drugs, including capabilities on oncology and complex products. It has four manufacturing sites in Europe which include three sites in France and one in Belgium. It has an employee strength of 1,372 across 4 manufacturing sites and services. Clifford Chance acted as the international legal advisor to Gland Pharma, while Cyril Amarchand Mangaldas acted as the Indian legal and regulatory advisor. Jefferies International and Natixis Partners acted as financial advisors to Cenexi, while Dechert acted as its legal advisor.
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