Siegfried Ready to Take Over BASF Sites
Siegfried Holding, the Swiss drug contract manufacturer, said it has completed all closing conditions for its acquisition of the custom synthesis business of BASF and parts of the German group’s current active pharmaceutical ingredients (APIs), as announced in May.
Among the most crucial requirements, financing has been secured, and Swissmedic, Switzerland’s regulatory agency for drugs and medical devices, has given the necessary clearance for the Evionnaz production site.
Transfer of the BASF sites in France, Germany and Switzerland is scheduled to take place on Sept. 30, as agreed. Siegfried is buying the assets for a total consideration of €270 million.
All of the more than 800 employees at the three BASF sites – Minden, Germany, and Saint Vulbas, France, in addition to Evionnaz – will transfer to Siegfried. Following the acquisition, the company plans to increase its total workforce to around 2,200 people at nine sites on three continents.
From BASF, Siegfried is acquiring APIs such as ephedrine, pseudoephedrine and caffeine, with annual sales of around €270 million, while the German group is retaining its excipient portfolio and selected APIs, such as ibuprofen, omega-3 fatty acids and polyethylenglycol (PEG).
With the acquisition, the Swiss company will reach the critical size to play a leading role in the supplier market as a recognized partner for the pharmaceutical industry, CEO Rudolf Hanko said when the deal was announced.
Over the past five years, Siegfried has been on the acquisition trial, taking over California-based AMP and German companies Hameln Pharmaceuticals and Hameln RDS.