Pompey, France, March 21, 2012 – Novasep, a leading provider of purification-based manufacturing solutions for lifescience molecules, today announces that it has completed its previously-announced process to strengthen its balance sheet and increase its funds available for investment in customer-focused growth initiatives.
Novasep’s approximately EUR 310 million recapitalization includes EUR 30 million of new capital invested by the Fonds Stratégique d'Investissement (FSI), France’s strategic investment fund, which has become a shareholder in Novasep. Azulis, a French investment fund and historical investor of Novasep, also invested EUR three million in equity. As a result, Novasep currently has more than EUR 40 million in cash available for financing growth projects. Moreover, the recapitalization significantly reduces Novasep’s annual interest expense, enabling it to further grow its cash available for investment going forward.
In addition to Roger-Marc Nicoud, founder and CEO of Novasep, Novasep’s board also includes Bernard Dubois, former head of Sanofi Aventis’ global industrial operations, Hugues Lecat, CEO and chairman of the management board of the pharmaceutical company Ethypharm, Thomas Devedjan, member of the FSI executive committee, and representatives of the company’s international institutional shareholders.
Roger-Marc Nicoud commented: “I am proud and delighted that we have completed this major transaction and earned the support of the FSI. This is an important endorsement of Novasep's unique business model, which leverages Novasep’s expertise in purification to enable our customers to either insource or outsource to us the production of their active molecules.
"Moreover, these accomplishments have positioned our company for strong growth again now that the refinancing is complete. Novasep can and will now move forward to develop ever more innovative and competitive solutions that will make Novasep an even more valuable partner to our current customers as well as to new customers. I believe this is the best and most important way for Novasep to express our deep appreciation for the continued confidence of our customers, employees and financial stakeholders."
Bernard Dubois commented: “I have known Novasep for many years and I am very pleased to contribute to the company’s development and growth, leveraging my experience from the customer perspective.”
Thomas Devedjan, member of the FSI executive committee, affirmed: "We are very happy about the recapitalization of Novasep, which significantly strengthens the company's financial structure and, combined with our contribution of EUR 30 million in new capital, will enable the company to pursue its strategy and develop its leading position in purification technologies."
As expected, in addition to the FSI, Novasep shares are now held by a group of international institutional shareholders who have been long-term supporters of the company and holders of company’s securities. The management team has partnered with the new owner group and has received a significant financial stake in the company.
Novasep is a global provider of cost-effective and sustainable solutions to produce active molecules at the required purity. Novasep’s unique offering includes process development services; purification equipment and turnkey processes; contract manufacturing services; and complex active molecules to serve pharmaceutical; biopharmaceutical; agrochemical; fine chemical; food and functional ingredients; and white biotechnology industries.
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