Humco and Fagron To Combine For Up To US $70 Million
AUSTIN, Texas, April 3, 2018 /PRNewswire/ -- Humco, a diversified, global pharmaceutical company, announced today that their Board of Directors has entered into a definitive merger agreement under which Humco will combine with Fagron, the global leader in pharmaceutical compounding and personalized medicine, for a value of up to US $70 million.
Founded in 1872, Humco serves over 45,000 pharmacies and is anchored by its leading non-sterile, innovative patented delivery vehicles (including topical and transdermal creams, syrups and suspensions) and branded pharmaceutical products. This mutually beneficial merger will allow Humco to strengthen and add value to customers through Fagron's extensive line of Active Pharmaceutical Ingredients, product portfolio and strong research and development. While still working under the Humco brand, increased financial flexibility will facilitate continued investment into innovative pharmaceutical products for patients and pharmacies globally as well as into Humco's state-of-the-art FDA registered, cGMP compliant production facility in Texarkana, Texas.
"I am pleased to welcome Humco to the Fagron Group. Their high-quality portfolio of branded pharmaceutical products and widely used patented delivery vehicles that are supplied to a broad customer base of pharmacy chains and wholesalers in the USA, is highly complementary to our extensive range of active pharmaceutical ingredients. Humco is an excellent strategic fit for Fagron. By combining the two companies we create a strong competitive company with significant scale, strengthening our market position in the USA. Our global footprint and leading market positions in Europe and South-America will enable us to successfully launch and grow the innovative branded pharmaceutical products and delivery vehicles of Humco outside the USA. We look forward to welcoming the Humco employees to the Fagron family," said Rafael Padilla, Fagron's Chief Executive Officer.
Gregory Pulido, Humco's Chairman and Chief Executive Officer, will transition to the role of Executive Chairman while Andrew Pulido, Humco's current President, Global Pharmaceuticals, will assume the sole role of President at Humco.
"We are delighted and proud to become part of the Fagron Group. Being part of a large global organization and a world leader in pharmaceutical compounding, creates a more capable and dynamic company for our customers and employees. We complement each other, selling in adjacent markets with very little customer overlap, enabling a significant number of growth opportunities. While we introduce our successful and unique patented delivery vehicles and branded pharmaceutical products internationally, our customers can benefit from the excellent range of more than 1,600 high quality active pharmaceutical ingredients of Fagron," said Gregory Pulido.
Andrew Pulido said, "I am honored to become Humco's President at such an exciting time. The joint activities of Fagron and Humco are extremely well positioned to capitalize on growth opportunities in the USA and around the world. I am confident that our expertise, creativity and dedication will enable us to offer increased value to our customers, suppliers, and employees as well as to further extend Fagron's leadership in the market for personalized medication."
Jones Day is serving as legal counsel to Humco. Morgan, Lewis & Bockius LLP is serving as legal counsel to Fagron.
Humco, founded in 1872, is a diversified global pharmaceutical company. Humco serves over 45,000 pharmacies and is anchored by its leading non-sterile, innovative patented delivery vehicles (including topical and transdermal creams, syrups and suspensions) and branded pharmaceutical products.
For more information, visit Humco's website at www.humco.com.
Fagron is the leading global pharmaceutical compounding company, bringing personalized pharmaceutical care to hospitals, pharmacies, clinics and patients in 34 countries worldwide.
The Belgian company Fagron NV is located in Nazareth and is listed on Euronext Brussels and Euronext Amsterdam under the ticker symbol 'FAGR'. The operational activities of Fagron are driven by the Dutch company Fagron BV. The head office of Fagron BV is located in Rotterdam.
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