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Fish vaccine. (Photo Credit: Pharmaq)

Pharmaq to be taken over for EUR 250mln

  (NORWAY, 4/2/2013)

European private equity firm Permira has announced that a company owned by the Permira funds has entered into an agreement to take over Pharmaq Holding AS (Pharmaq), a leading international aquatic health group, for about EUR 250 million. The transaction is expected to be finalised at the end of May and subject to regulatory approvals and customary closing conditions.

Norway-based Pharmaq creates, manufactures and markets vaccines and therapeutic products for farmed fish. In the year to 2012, sales were EUR 65 million.

The aquatic vaccine industry has grown substantially along with the increase in industrialised fish farming, which has created a need for improved control of infection. Farmed fish consumption is expected to double over the next 10 years, and because the aquaculture sector now prefers prevention rather than treatment, Pharmaq is expected to continue its growth trajectory through underlying market development, growth in existing product lines and product innovation.

The funds introduced by Permira will support the current management team and its global network, thereby buttressing the firm's growth worldwide and new product development.

“We take great pride in supplying the aquaculture industry with the most innovative and effective products to enable them to produce safe and healthy seafood,” Morten Kr Nordstad, CEO, said.

“Permira’s significant experience in investing in the food chain and their international reach make them an ideal partner to help us pursue this mission. We are delighted to receive the backing of their funds as we seek to expand our products and market shares in exciting and growing markets,” Nordstad added.

Ola Nordquist, head of Nordic, expressed her company's "delight" at working with Pharmaq and supporting its ambitions plans to keep boosting its leadership position in its core Norwegian, Chilean and UK markets. She said this will provide the company with a strong position in these emerging markets which remain largely untapped.

“Pharmaq’s unique culture is a differentiating factor in terms of product development, speed to market and customer service,” Nordquist added.

Mubasher Sheikh, head of Healthcare, said that investing in innovative businesses working to improve food quality and safety has become a key focus for Permira's funds in recent years. Additionally, Pharmaq, he said, is in an ideal position to take advantage of the growth of the global aquaculture industry and the quick rise in demand for eco-friendly seafood.

By Natalia Real
[email protected]
www.fis.com


Information of the company:
Address: Production facility - Skogmo Industriområde
City: Overhalla
State/ZIP: (NO-7863)
Country: Norway
Phone: +47 2329 8500
Fax: +47 2329 8501
E-Mail: [email protected]
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