Malin Announces Majority Shareholding in Injectable Drug Company Altan Pharma
Malin Corporation plc. ("Malin"), an Irish-based global life sciences company, today announced it has invested €34.5 million in Altan Pharma ("Altan"), to acquire a 65% shareholding of the company. Altan is a private Irish headquartered specialty pharmaceutical company, which has acquired the GES Group ("GES"), a privately held group of Spanish injectable drug companies, for a consideration of €87.5 million. Altan raised debt financing of €40.0 million as part of the funding of this transaction.
John Given,Chairman of Malin, said: "Altan is Malin's third Irish operating asset and we look forward to building out the company from its Irish base. Altan offers Malin significant exposure to thefast growing injectable drug market which is also benefitting from the increasing demand for generic drugs. The founders of Altan have extensive experience working in the pharmaceutical industry, including over 20 years working together at Abbott Laboratories. We are excited to be working with Guillermo and his team to expand and successfully grow the business globally."
Guillermo Herrera,Chairman and Chief Executive Officer of Altan Pharma, said: "We are delighted with the long-term commitment from Malin. Their strategic and operational expertise will be invaluable as we build the company for success. GES is a highly respected leader in the specialty pharmaceutical segment with a reputation for supplying quality, injectable products. GES'smanufacturing expertise and international distribution network provide an attractive foundation for building Altan's global specialty pharmaceutical business from our Irish base."
Altan is a private Irish headquartered specialty pharmaceutical company. Altan's first acquisition, a privately owned group of Spanish drug companies, The GES Group, provides an attractive opportunity in the generic pain and anti-infective segments of the injectable drugs market primarily in Spain, Europe and select other Asian and Latin American markets. Altan will maintain and build on GES' strong position in the Spanish market and significantly improve its competitive profile throughout Europe and other international markets. The Company will expand its drug portfolio through development and acquisitions of additional products and technologies.
The four founders of Altan are Mr. Guillermo Herrera, Chairman and Chief Executive Officer; Mr. Holger Liepmann, EVP, Director and Head of European operations; Mr. Mark Gorman, EVP, Director, Head of Americas and Asia and business development; and, Mr. Stafford O'Kelly, EVP, Board Secretary and Chief Financial Officer.
About The GES Group
The GES Group is a privately owned group of Spanish companies (3), headquartered in Madrid, that develop, manufacture and market specialty injectable drugs for the hospital and healthcare provider market.
GES has been providing the Spanish market with a comprehensive line of injectable drugs since 1985. The company is a leading player in the pain and anti-infective segments of the Spanish market and also has an international distribution network covering a number of European, Latin America and Asian markets. In 2014, total group sales and EBITDA were €45.5 million and €14.4 million respectively. The injectables market has attractive fundamentals with growth driven by the increasing demand for generic drugs, which is outpacing growth rates for originator products.
About Malin Corporation Plc.
Malin is an Irish incorporated public limited company. Its purpose is to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale operating businesses in dynamic and fast growing segments of the life sciences industry. Through its operational involvement, Malin will work with the investee companies to enable them to reach the full potential of their value proposition and to achieve commercial success. For more information visit www.malinplc.com