Connect with us

Biotech

Lebanese group Benta Pharma to take over Famar Lyon

Managed and owned by Bernard Tannoury, the Benta Pharma group has achieved sales of $77.5 million in 2019 and distributes its products in more than 40 countries. The company now announced that it will take over the French biotech company Famar Lyon. The Lebanese group was in competition with Neovacs, which said they are challenging the decision of the Commercial Court.

Published

on

This picture show the city of Lyon.

The Commercial Court of Paris has chosen Benta Pharma to take over the Famar Lyon site in Saint-Genis-Laval. This news was eagerly awaited by the employees of the Famar Lyon site, based in Saint-Genis-Laval (Rhône). 

“We are very pleased to take over the Famar Lyon site to redeploy it in Europe as a major laboratory in the pharmaceutical industry. Benta Pharma will offer all the necessary commercial synergies and expertise by relying on the existing teams and the entire pharmaceutical industry ecosystem in the Lyon region and in France,” said Bernard Tannoury, CEO of the Benta group.

The group announced that the 115 employees at the site will be maintained and plans to increase the workforce to nearly 270 employees by 2026.

If you want to find more details about Famar Lyon take over by Benta Pharma, and to be the first to read the latest financial headlines in the world, download for free our companion app Born2Invest.

Benta plans to invest $48.7 million (€42 million) by 2026

Benta Pharma’s industrial project has several objectives. The first is to make Famar Lyon a CMO/ CDMO capable of positioning itself from design and manufacturing to packaging and sales, in Europe and internationally.

However, Benta Pharma announced that Famar Lyon will retain its historical customers and will continue to produce hydroxychloroquine in particular. Benta Pharma also wishes to transfer part of its current and future production to the site, drawing on the expertise of its employees and the ecosystem of the Lyon region.

The Lebanese group also wishes to develop new lines for cytotoxic products in oncology, open a unit dedicated to biosimilars and an R&D unit with the technology transfer of 250 new products in various medical areas (oncology, cardiology, diabetes, neurology, etc.).

SEE ALSO  Why retirement planning could be more important for women

A growth project supported by an investment of $48.7 million (€42 million) by 2026. 

Benta Pharma, a group with varied targets

Managed and owned by Bernard Tannoury, the Benta Pharma group has achieved sales of $77.5 million in 2019 and distributes its products in more than 40 countries.

The group is developing in many pharmaceutical fields, such as cytotoxic products, sterile products, cephalosporins, and biotechnologies. It also has capabilities in sterile and transplantable medical materials and devices, as well as in solid (tablets and capsules) and liquid oral forms.

Neovacs files an appeal

The Lebanese group was in competition with Neovacs in this case. The company and its partners have announced that they are challenging the decision of the Commercial Court and have thus initiated an appeal procedure.

In their view, their project was “the only one that could ensure the national sovereignty of a strategic industry such as the pharmaceutical industry.” Neovacs and its partners also added that “the Lebanese group’s project was initially a takeover plan and that it was transformed into a continuation plan after the acquisition of Famar shares under opaque, undeclared conditions and in the last hours before the hearing.”

The takeover project supported by Neovacs provided for an investment of $42.9 million (€37 million) over five years and an increase in the site’s workforce from 150 to 400 people.

__

(Featured image by loictijsseling via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in INDUSTRIE Pharma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.