Recipharm secures financing for future growth
23 May 2012
The company earmarks new EUR 90 million loan facility for further acquisition of niche CDMOs, investment in existing facilities and building long term partnerships with major pharmaceuticals companies.
Recipharm, the international pharmaceutical contract development and manufacturing organisation, today announced it has arranged a five-year loan facility with Swedbank AB (publ), one of the largest banks in Sweden.
The total loan facility of Euro 90 million will serve as an additional resource to facilitate future expansion plans set in place for the business, especially in the field of contract pharmaceutical development. The funds will in part be targeted at increasing capital investment into Recipharm's existing sites and facilities to meet expanding customer demand. The finance will also be used to bolster the next phase of the company's rolled out programme of strategic acquisitions. Moroever, significant resources from the loan pool will be assigned to building and enhancing existing and new customer relationships.
Thomas Eldered, CEO of Recipham AB, commented: "The new financing will serve to bolster initiatives designed to build and foster strong customer relationships with all our clients across the pharmaceuticals sector. Indeed, Recipharm adopts a partnering approach to client relations to ensure that we consistently provide bespoke services that meet the precise needs of each individual customer both now and in the future. As a forward looking enterprise, we very much want to be there for the long term whilst at the same time having the flexible and established capabilities to respond rapidly to varying and immediate customer needs. Our programme of strategic acquisitions and investment in current facilities has always been geared towards increasing and expanding the services that we tailor to each specific client. We look forward to continuing in this vein."
Recipharm AB is a leading contract development and manufacturing organization
(CDMO) based in Sweden employing some 1700 employees. The Company
operates development and manufacturing facilities in Sweden, France, the UK, Germany and Spain and is headquartered near Stockholm. Recipharm supplies the global pharmaceuticals market with hundreds of different products in multiple dosage forms that include solid dose, granulates and powders, sterile liquids and lyophilisates, semi solids, beta-lactams, hormones, oral liquids, sprays and dry powder inhalers. For more information visit;www.recipharm.com
Recipharm – Björn Westberg EVP CFO, + 46 8 602 52 00
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