Minapharm Pharmaceuticals acquires majority stake in ProBioGen – Dr. Wieland Wolf appointed new CEO
Berlin, Germany, 16 June 2010
ProBioGen AG announced today that Minapharm Pharmaceuticals, Cairo, has completed the acquisition of 95 % of the share capital of ProBioGen, an internationally renowned German cell line development and contract manufacturing specialist. The total purchase price of EUR 30.4 million includes earn-out payments which are conditional upon the achievement of defined milestones.
ProBioGen will continue to be a committed technology and service provider for its global biopharmaceutical clients. The company will also continue to develop proprietary technologies in the field of biopharmaceutical products.
ProBioGen will emerge from this transaction in a stronger position to deliver value to its customers due to the complementary expertise between the two companies.
ProBioGen announced the appointment of Dr. Wieland Wolf as new CEO of the company who joined from Rentschler Biotechnologie GmbH, where he was a Member of the Management Board. Dr. Wolf is also President of the European Association of Pharma Biotechnology. He takes over responsibilities from Michael Schlenk, who joined the company in a Management Buy-In and who has successfully developed the company's business and worked towards the exit process.
Dr. Wafik Bardissi, Chairman and CEO of Minapharm, and newly elected Chairman of the Supervisory Board of ProBioGen AG commented: “After a long history of successful cooperation with ProBioGen we highly appreciate its reputation and dedication to service excellence, which will remain the focus of its business. This transaction is a boost to Minapharm’s thriving biotech operations and fosters a futuristic model of innovation internationally including the developing world.”
Hubertus Leonhardt, ProBioGen’s past Chairman commented: "ProBioGen could not have hoped for a better partner. This business combination benefits from a convincing strategic rationale and a raft of synergies and creates a strong international force in the biologics sector."
Dr. Volker Sandig, CSO of ProBioGen stated: "The new ownership gives both companies increased leeway to accelerate the growth of their businesses and to strengthen their market position. Minapharm has a broad and exciting product pipeline and we are looking forward to supporting the development with our enabling technologies."
HC Securities and Investment, Cairo, and Corporate Finance Partners CFP BioConnect AG, Frankfurt/M., acted as joint advisors to Minapharm, whereas Nomura Code Securities advised the sellers. Hengeler Mueller and Holme Roberts & Owen acted as legal counsel to Minapharm and the sellers, respectively.