IMCD Buys Whawon and DCS Pharma
Dutch distributor IMCD has signed two separate deals to acquire companies in South Korea and Switzerland. The first is to buy 57% of the shares in Seoul-based distributor Whawon Pharma; the remaining 43% will be retained by the management for up to five years after the deal closes.
Whawon is a leading pharmaceutical distributor in South Korea with a focus on formulation ingredients. The company employs 54 people and generated revenue of around €44 million in 2018.
John Robinson, IMCD business group director pharmaceuticals, commented: “Whawon are leaders in the supply of excipients and active pharmaceutical ingredients and their business perfectly complements our leading global pharmaceutical position. We are dedicated to expand into the other regulatory markets of personal care and food.”
IMCD’s second transaction is to acquire, in two steps, all of the shares in Basel-based distributor DCS Pharma. The distributor will take a 90% stake upon fulfillment of the purchase conditions and will acquire the remaining 10% as per Dec. 31, 2021.
DCS Pharma was founded in 2016 by two Swiss pharmaceutical distributors, Dolder and ChemSwiss. The company operates in eight markets including Spain, Italy, Germany, Mexico and China, and generated revenue of 68 million Swiss francs in 2018.
In separate news, IMCD announced on Nov. 1 that it had completed the integration of E.T. Horn into its US operations. The distributor acquired Horn in August 2018. Horn’s former headquarters in La Mirada, California, now serve as the Western US regional hub for IMCD.