Provepharm Life Solutions, a French pharmaceutical and life sciences company, has secured a $47.6 million loan. The backers include Société Générale, BNP Paribas, Banque Populaire Méditerranée and Crédit Agricole Alpes Provence. The capital will be used for acquisitions.
Marseille, France, May 9, 2019 – Provepharm Life Solutions, a French independent pharmaceutical and life sciences group which revitalizes known molecules, today announces it has obtained a €42.5M ($47.6M) syndicated loan from several French banks, including Société Générale, BNP Paribas, Banque Populaire Méditerranée and Crédit Agricole Alpes Provence. This financing will allow the group to accelerate its development through acquisitions.
Following strong progress in 2017, the group ended 2018 with record results and the successful integration of a product portfolio resulting from its first company acquisition, completed in October 2018. Provepharm plans to initiate similar and more important acquisitions over the next two years.
The Marseille-based company, a world leader in providing pharmaceutical-grade methylene blue, has reinforced its financial resources with this transaction. This also shows the confidence of historic banking partners as well as a new bank that joined the pool.
“This syndicated loan, which was arranged by Société Générale and completed by BNP Paribas, Banque Populaire Méditerranée and Crédit Agricole Alpes Provence, will help accelerate the transformation of our group,” said Christian Käppner, chief financial officer at Provepharm Life Solutions.
“In line with our strategic plan, the group aims to complete its strategy of revitalizing molecules and expanding its drug portfolio. Future acquisitions should significantly diversify our business while accelerating our ambitious research programs which are already launched and on track,” said Michel Féraud, CEO of Provepharm Life Solutions.
Over the next few months, the company plans to strengthen its position as an international and independent pharmaceutical laboratory with particular focus on the development of its US subsidiary.
Advisors to the company:
Financial advisor: Bucéphale Finance (Jean-Marc Forneri, David Orban)
Legal advisor: BBLM (Fabien Saint-Seine, Myriam Cuvellier)
Advisors to the banks:
Legal advisor: Herbert Smith Freehills (Laure Bonin, Romain Guirault)
About Provepharm Life Solutions
Provepharm Life Solutions is an independent French pharmaceutical company. Since its creation in 1998, the company has leveraged its expertise in fine chemistry for the revitalization of known molecules. The first products developed were based on methylene blue and are distributed in 25 countries around the world.
Provepharm Life Solutions’ strategy consists of developing its range of products, applying its expertise for the revitalization of other molecules and strengthening its international business.