Philip Morris wraps up $820m acquisition of Danish CDMO Fertin Pharma
Philip Morris International (PMI) has wrapped up its previously announced DKK 5.1 billion ($820 million) acquisition of Fertin Pharma, a Danish a specialist contract development and manufacturing organization (CDMO), from EQT Mid Market.
The deal was announced in July 2021.
Founded by the Bagger-Sørensen family, Fertin Pharma develops and manufactures pharmaceutical and well-being products based on oral and intra-oral delivery systems.
The Danish CDMO specializes in researching, developing, and producing gums, liquefiable tablets, pouches, and other solid oral systems for delivering nicotine and other active ingredients.
Jacek Olczak — CEO of Philip Morris International said: “As we build our pipeline of smoke-free products with the goal of phasing out cigarettes and expand our business for the long-term toward areas outside of tobacco and nicotine, such as selfcare wellness, we welcome the contributions that Fertin Pharma, its management and its employees will bring to PMI.
“PMI’s future is centered on health, science, technology and sustainable business practices to deliver innovative products and solutions that aim to improve people’s lives and create a net positive impact on society. The world-class expertise of Fertin aligns perfectly with this vision and will be an important part of our future.”
According to Philip Morris International, the addition of Fertin Pharma’s technologies, capabilities, and workforce will provide it speed and scale in differentiated and innovative oral delivery products for supporting its 2025 goals of earning more than 50% of its total net revenues from smoke-free products and net revenues of at least $1 billion from products beyond nicotine.
The US-based cigarette company said that Fertin Pharma’s significant expertise will enable it to speed up its footprint in the modern oral category via a wide range of smoke-free products like nicotine pouches.
Peter Halling — CEO Of Fertin Pharma said: “By becoming part of PMI’s transformation, Fertin will be uniquely positioned to continue to innovate, grow, and serve our customers as a leading CDMO- delivering on our vision to enable people to live healthier lives.
“Our shared commitment to science and consumer-centric innovations forms a strong basis for a very successful future together.”