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Generic drugs contract manufacturer Dragenopharm acquired by Bridgepoint

01/03/2007 -- European private equity firm Bridgepoint has taken a majority stake in Dragenopharm Apotheker Püschl GmbH, a leading German contract manufacturing organisation for the European generic prescription drug market, for an undisclosed sum.

Headquartered in Bavaria, Dragenopharm specialises in the production and packaging of solid dosage form and has a portfolio of more than 1,000 different products. The company has four sites in Germany and has the largest manufacturing capacity for the production of solid dosage forms and coating of tablets and tabletting in Europe. In 2006, output is estimated to have exceeded five billion tablets, with sales of approximately €68 million.

Germany is the largest pharmaceutical market in Europe as well as being the largest for non-patented prescription drugs whose sales are estimated to be worth €5.3 billion annually. Dragenopharm's customers are the leading German generic and dietary supplement companies, many of whom are focussed on export as well as domestic sales.

“Dragenopharm has delivered strong growth in its core home market as well as internationally thanks to a combination of competitive pricing, the quality of its product range and superior manufacturing infrastructure,” said Uwe Kolb, partner responsible for Bridgepoint in Germany.

“We expect the company to grow further in line with the strong outlook for the generic drug sector, in particular as generic drug penetration rates are expected to increase substantially across a range of European countries.” he said.

He added: “The acquisition of Dragenopharm underlines the strong market position of Bridgepoint in the German Mittelstand and the confidence family owners have in Bridgepoint as responsible owners”

Dr. Andreas Greither, CEO of Dragenopharm, said: “We are now entering the next investment phase in the history of our company and welcome Bridgepoint as an important investor in the future growth of our business.”

“We operate in a dynamic market where our expertise and our people have earned us a loyal and growing customer base and for which we predict a strong and sustainable growth outlook” he said.

Advisers involved in this transaction include: for Bridgepoint – Clifford Chance (legal), KPMG (accounting), LEK (commercial due diligence) and PWC (tax); for the vendor – Schober Eiche & Co. (corporate finance), Heiss & Partner (legal) and Ernst & Young (tax).

Publisher Contact Information:

Bridgepoint Capital Ltd
+44 (0) 20 7432 3555

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