Laboratoires Fournier announces the impending sale of its subsidiary Synkem
Laboratoires Fournier, a Solvay Pharmaceuticals company, announced today the receipt of a letter of intent from International Chemical Investors France SAS for the acquisition of Synkem SAS, its fine chemicals plant based in Chenôve (France). This projected change of ownership is in line with Solvay Pharmaceuticals’ global strategy and should favour the future development of Synkem. The signature of the definitive acquisition agreement should take place by the end of the year, following the legal information and consultation procedures with the Workers’ Councils. The company would thus change ownership as of January 1, 2008, keeping all of its personnel (118 people).
Solvay Pharmaceuticals is pursuing its policy of divesting from fine chemicals activities so as to concentrate its efforts on the discovery of new medicines and support of its existing products.
The acquisition by International Chemical Investors also opens new prospects for Synkem who would maintain a significant volume of business with Solvay Pharmaceuticals as well as being able to develop its fine chemicals activities for other pharmaceutical laboratories. "Synkem’s expertise and the support of a shareholder who is already present in the field of active pharmaceutical ingredient (API) manufacturing will encourage the future development of the plant. We will continue to have an important relationship with Synkem as a reference supplier", states Francesc Junyent, Executive Vice President Manufacturing and Supply, Solvay Pharmaceuticals.
International Chemical Investors wishes to leverage Synkem’s know-how in the development and implementation of complex chemical syntheses in order to make it a specialist in custom chemical synthesis for the pharmaceutical industry. "We are very motivated by the prospects offered by Synkem, who will become part of our strategic API platform, and by our future collaboration with Solvay Pharmaceuticals", says Dr Achim Riemann, co-founder of International Chemical Investors. "It is our intention to reinforce R&D activities so as to be able to offer complete solutions to our clients from the development of new syntheses to custom manufacturing", states M. Patrick Schnitzer, co-founder of International Chemical Investors.
International Chemical Investors is a European investment group whose ambition is to acquire and develop mid-sized chemical companies, particularly subsidiaries of large corporations which are considered non-core and who are positioned on niche markets. International Chemical Investors has total sales of approximately EUR 500 million and operates 17 production facilities in the world with more than 2 500 employees. For more information, visit www.ic-investors.com.
Synkem SAS is a fine chemicals manufacturing subsidiary of Laboratoires Fournier, a member of Solvay Pharmaceuticals since mid-2005. Based in Chenôve, France, with a staff of 118 people and sales of around EUR 37 million, Synkem is specialized in the extraction and synthesis of active ingredients serving in the manufacturing of medicines.
Laboratoires Fournier S.A. is a French subsidiary of SOLVAY PHARMACEUTICALS, the research driven group of companies that constitute the global pharmaceutical business of the Solvay Group. Solvay Pharmaceuticals seeks to fulfill carefully selected, unmet medical needs in the therapeutic areas of neuroscience, cardiometabolic, influenza vaccines, gastroenterology and men's and women's health. Its 2006 sales were EUR 2.6 billion, and it employs approximately 10,000 people worldwide. For more information, visit www.solvaypharmaceuticals.com.
SOLVAY is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs some 29,000 people in 50 countries. In 2006, its consolidated sales amounted to EUR 9.4 billion, generated by its three sectors of activity: Chemicals, Plastics and Pharmaceuticals. Solvay (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR) is listed on the NYSE Euronext stock exchange in Brussels. Details are available at www.solvay.com.