Provepharm Life Solutions raises €120 million
Marseille, France, September 8, 2021 – Provepharm Life Solutions, a private French pharmaceutical company that finds new applications for well-known molecules, today announces a €120 million ($142.3M) strategic funding. Tikehau Capital will provide the funds and joins the group’s pool of banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance. This new investment will enable the group to speed up its internal R&D and external growth projects, in line with its Horizon 2025 strategy.
The 2020 financial year saw outstanding results and strong growth for Provepharm Life Solutions – in spite of the ongoing global pandemic. This includes a 30% increase in turnover and, following its acquisition of Apollo Pharmaceuticals in December 2020, the successful integration of a portfolio of products. The company expects to use the new funds to plan significant structural operations in the years to come.
“Tikehau Capital is delighted to support the Provepharm pharmaceutical group with its highly innovative projects and its ambition for international growth. We are grateful to Michel Feraud and his team for trusting us. As well as providing a private debt financing solution, Tikehau Capital will become a long-term partner of Provepharm, allowing it to capitalize on promising opportunities in high-growth markets,” said Cécile Mayer-Lévi, head of private debt activity at Tikehau Capital.
Provepharm’s goal as a pharmaceutical laboratory is to create innovative ways to maximize the potential of all molecules, in order to offer treatments that will improve the lives of patients. Strengthening its financial resources with this major and favorable deal will enable the group to retain its independence in terms of capital.
“Our consistent performance, paired with our ambitious long-term plans, continues to strengthen our partnership with our financial partners. This new investment means that we can accelerate the time-frame for our Horizon 2025 strategic plan and actively contribute to advances in treatment that are sure to benefit patients,” explained Michel Feraud, CEO of Provepharm Life Solutions.
Over the coming months, the company plans to consolidate its position as an international and independent pharmaceutical group, specifically by hiring new staff in France and the United States, and increasing the size of its laboratories in Marseille, so that it can continue to manage its entire value chain.
Advisers on company side:
Finance: Bucéphale Finance (David Orban)
Legal: BBLM (Myriam Cuvellier) – De Pardieu Brocas Maffei (Jean-François Pourdieu)
Advisers on financial side:
Bank legal: Simmons & Simmons (Colin Millar, Iva Parvanova)
Tikehau Capital legal: Hogan Lovells (Alexander Premont, Stéphane Huten, Lorène Sani)
About Tikehau Capital
Tikehau Capital is a global alternative asset management group with €30.9 billion ($36.6bn) of assets under management (as of June 30, 2021). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies.
Tikehau Capital is a founder-led team with a differentiated business model; a strong balance sheet, proprietary global deal flow and a track-record of backing high quality companies and executives.
Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financial solutions to the companies in which it invests. It seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€2.8 billion ($3.3bn) of shareholders’s equity as of December 31, 2020), the firm invests its own capital alongside its investor-clients within each of its strategies.
Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 629 staff (as of June 30, 2021) across its 12 offices in Europe, Asia and North America.
Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).
About Provepharm Life Solutions
Provepharm Life Solutions is a private French pharmaceutical company. With more than 20 years of experience, the company finds new uses for well-known, mature molecules, in particular antidotes and surgical dyes. The company’s historic expertise in fine chemicals provides a platform for redefining purity requirements for active ingredients and maximizing their therapeutic potential, allowing it to explore new and untouched indications. Provepharm’s strategy first bore fruit with the development of a new and patented method for synthesizing methylene blue. This new active ingredient enabled the company to obtain marketing authorizations in over 30 countries and to pursue its expansion internationally.
Founded in 1998 and based in Marseille (France) and Philadelphia (USA), Provepharm Life Solutions has over 90 staff. The company recorded turnover of €48.5 million ($57.5M) in 2020. After raising €42.5 million ($49.8M) in 2019, it received a further investment of €120 million ($142.3M) in September 2021 from Tikehau Capital, which joined its group of historical banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance.