01 September 2022 - Permira, the global private equity firm, today announced that funds advised by Permira, in partnership with the Marcucci family and supported by their co-investors, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and Ampersand Capital Partners, have completed the joint acquisition and combination of Kedrion and BPL, alongside Kedrion’s existing shareholders, including FSI and CDP Equity and other minority investors.
The combination of BPL and Kedrion creates a global player for medicinal products derived from human blood plasma, which treat patients with rare and life-threatening conditions. Ugo Di Francesco, currently CEO of Chiesi Group, has been appointed the new CEO of the combined company, effective January 2023. Paolo Marcucci, cofounder of Kedrion, will continue as the combined company’s Chairman and CEO until Ugo Di Francesco joins the business, and thereafter as non-executive Chairman.
Kedrion, headquartered in Tuscany, Italy, has deep Italian heritage and brings an extensive portfolio of 21 products and over 600 marketing authorizations around the world. Kedrion was established by the Marcucci family in 2001 but has roots in the Italian pharmaceutical industry dating back to the 1950s. BPL, headquartered in Elstree, UK, operates a targeted portfolio of successful rare disease products and is one of the fastest growing players in the plasma industry over the past five years. BPL in its present form was created in 2010 but its heritage dates back nearly 70 years as one of the early pioneers of the plasma industry.
The business will have a combined US plasma collection footprint of close to 75 centres, with a portfolio of 37 lifesaving products reaching over 100 countries. The business is expected to generate 60% of revenue in the US market with 10 marketed products, building on its strong established positions in Italy and the UK. The company is also establishing a presence in the Chinese market through its recent distribution agreement for Albuminex.
Ugo Di Francesco has been appointed the new CEO of the combined company, effective January 2023. Mr Di Francesco has been CEO of Chiesi Group, a global pharmaceutical company, for over a decade. During this time, he has overseen a period of significant growth for the company, with sales more than doubling from €1.2bn to over €2.5bn and the number of employees from approximately 3,500 to over 6,500. The group has also expanded into new markets under his leadership, in particular in the US and China. Ugo has over 30 years’ experience in the pharmaceutical industry, having previously worked at several leading players, including Sigma-Tau, Amgen Corp., Novartis and Bristol Myers Squibb.
The Permira funds, in partnership with the Marcucci family, will support the combined company to grow organically through the internationalisation of its existing portfolio and the acceleration of new product development, as well as pursuing inorganic growth opportunities to become a further diversified and specialist rare disease platform. FSI and CDP Equity will reinvest alongside Permira and the Marcucci family and support the next phase of development of the business.
Silvia Oteri, Partner and Global Head of Healthcare at Permira, said: “We’re delighted to complete this transaction and now look forward to partnering with the Marcucci family, Ugo and the management teams of Kedrion and BPL to continue developing a combined business serving a global market. Ugo is an outstanding leader with a proven track record of growing global pharmaceutical businesses. With him at the helm, we are excited for this next phase of building a leading rare disease specialist platform that will deliver critical solutions to those in need around the world and with a deep commitment to its donors.”
Paolo Marcucci, Chairman and Chief Executive Officer of Kedrion, added: “This partnership with Permira has made it possible to make an exciting step forward in the history of Kedrion, allowing us to create a global player in the plasma derivatives sector that can successfully compete in a growing market that is increasingly critical in global healthcare. We are proud and grateful for Permira’s support to integrate with BPL and thus significantly increase the global reach and competitiveness of the combined company. Permira’s knowledge of the space is clear and we look forward to leveraging their expertise in value creation to drive growth. To help achieve our goals and ambitions, I am very pleased that Ugo Di Francesco will be on our side as CEO from January next year. His experience and deep knowledge of the pharma sector, together with his leadership qualities and personal attitude, make him the perfect fit for the combined company to meet future challenges and lead the next stages of growth.”
Ugo Di Francesco, incoming CEO of Kedrion, commented: “I am excited to partner with Permira on this exciting project to bring together two high-quality players in the industry and create a truly global leader. Together, Kedrion and BPL will be able to deliver best-in-class patient care and responsible donor engagement and I look forward to driving the growth of the business from next year. I’d like to thank Paolo, the Marcucci family and Permira for their trust and I know that I can rely on the support of the combined team as we continue to serve patients in need around the world.”
The Permira Funds were advised by Morgan Stanley, EY, Latham & Watkins, Alvarez & Marsal, Giliberti, Triscornia e Associati and Maisto e Associati. Kedrion shareholders were advised by Lazard, Natixis, Carnelutti and Pedersoli, whilst the Marcucci family was advised by Terzi&Partners and Carnelutti. BofA Securities and Goodwin Procter served as advisors to BPL and BPL’s sole shareholder, TII.
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total assets under management of €60bn+ and makes long-term majority and minority investments across two core asset classes, private equity and credit. The Permira private equity funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Healthcare and Services.
The Permira funds have previously invested €4.2bn across 18 investments in healthcare, scaling some of the most innovative healthcare businesses globally across specialty pharma, medical devices, strategic outsourcing platforms and healthcare technology. Previous investments in the sector include Neuraxpharm, Quotient Sciences and LSNE.
Permira employs over 450 people in 16 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn or Twitter.
Kedrion is a biopharmaceutical company that specializes in the development, production and distribution of plasma-derived therapeutic products for use in treating serious diseases, disorders and conditions such as immune system deficiencies and coagulation disorders. The company operates through a fully integrated business model from the collection of plasma in its own centres in the United States to fractionation and production in its manufacturing facilities located in Italy, Hungary and North America. Headquartered in Castelvecchio Pascoli (Lucca, Italy), Kedrion has approximately 2,800 employees and a commercial presence in 100 countries worldwide. For more information, visit www.kedrion.com
About Bio Products Laboratory (BPL)
Recognising the importance of plasma and with many years of experience in the industry, BPL supplies high-quality plasma derived products to meet the needs of clinicians, patients, and customers globally. Headquartered in the United Kingdom, with US affiliates in Durham, NC and Austin, TX, as well as plasma collection centres across the United States, we are dedicated to producing medicines for the treatment of immune deficiencies, bleeding disorders and infectious diseases as well for critical care. BPL invests in the latest R&D, technology and manufacturing methods, and continuously adapts to ensure that we continue to serve all our stakeholders effectively. For more information visit http://www.bplgroup.com or https://www.bpl-us.com.
BPL consists of two operating divisions — BPL Plasma and BPL Therapeutics. BPL Plasma, operating in the USA, collects plasma from donors in around 29 centres across the U.S. BPL Plasma employs over 900 staff to support the needs of donors and to ensure high-quality plasma collection in all their centres. Plasma collection is regulated by both FDA and MHRA, and BPL Plasma follows industry guidelines. BPL Plasma operates plasma facilities, staffed with trained personnel, dedicated to supporting donors through the process that leads to the donation of plasma. Plasma is shipped to BPL Therapeutics in Elstree, United Kingdom. The plasma is fractionated, purified, and filled through the efforts of our over 1,000 employees involved in production, quality, R&D, commercial, customer services, and administrative activities. BPL’s plasma-derived products are commercially available in the U.K., USA, and 30 plus other countries around the world through our network of local affiliates and distribution partners.
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