Idifarma, a Spanish contract development and manufacturing organisation (CDMO) that specialises in high potency development and manufacturing and spray drying to solve low solubility challenges, has secured investment from Suanfarma, of Madrid. to further its international growth plans.
Based near Pamplona, Idifarma has grown from a small start-up business established in 2001 to a global CDMO working with more than 100 pharmaceutical companies. It currently has clients from across 15 countries and specialises in highly potent drugs.
Suanfarma's stake in the CDMO was acquired as part of a planned process to replace venture-capital financial partners. The firm has more than 20 years of experience as a specialised supplier of raw materials to the pharmaceutical industry.
'With this announcement, Idifarma begins a new phase of growth and consolidates its position as a specialist service provider for the pharmaceutical industry in Europe,' says Luis Oquiñena, general manager and co-founder of Idifarma. 'Suanfarma has a strong international presence, including the US, India, China, Brazil and Mexico, and will bring significant growth opportunities to Idifarma.
'It’s an exciting time for our company and we look forward to the months ahead.'
The co-founders of Idifarma will remain as shareholders and in executive positions, while two local financial investors, which have funded the company since its inception, will also remain as shareholders to provide stability to the CDMO in this new phase of growth.
'Our partnership with Idifarma is an opportunity to contribute to the growth and strengthening of a company with which we can develop synergies that will improve our position in an increasingly competitive and demanding market,' comments Hector Ara, CEO of Suanfarma. 'Idifarma has huge growth potential and we plan to develop the CDMO’s percentage of international business, which already exceeds 50%.'