BASF sells drug ingredient businesses Siegfried €270 million

BASF sells drug ingredient businesses to Siegfried for €270 million

7:45 AM, 8th May 2015
BASF sells drug ingredient businesses to Siegfried for €270 million
Michael Heinz, executive directors board member, BASF SE and also responsible for performance products segment.

LUDWIGSHAFEN, GERMANY: The world’s largest chemical company BASF SE said it will sell parts of its pharmaceutical ingredients business to drug contract manufacturer Siegfried Holding AG for an enterprise value of approximately €270 million.

The company plans to focus its pharmaceutical ingredients & services business on its core expertise in pharmaceutical excipients. Leading excipient portfolio and selected APIs, such as ibuprofen, omega-3 fatty acids and polyethylenglycol (PEG), where the company has a leading market position, will remain part of BASF’s portfolio, it said.

All employees, about 850 positions globally, affected from the transaction are to be transferred to the acquiring company, it said. The transaction comprises the divestment of BASF’s production sites in Minden, Germany; Evionnaz, Switzerland; and Saint-Vulbas, France.

“This step is in line with BASF’s strategy of actively managing its portfolio and it will further sharpen the focus of the performance products segment on growth and high margin core businesses,” said Michael Heinz, executive directors board member, BASF SE and also responsible for performance products segment.

“With this divestiture, we are focusing our portfolio on strategic growth areas in the pharmaceutical industry,” said Saori Dubourg, president of BASF’s nutrition & health division.

“Through this acquisition, Siegfried will reach the critical size to play a leading role in the supplier market as a recognized partner for the pharmaceutical industry. This acquisition demonstrates the growth potential for the Siegfried Group,” said Dr Rudolf Hanko, CEO, Siegfried.

BASF will provide transitional services to ensure a smooth and seamless business transfer for both customers and employees, it said.

© Worldofchemicals News 

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