Faes Farma Expands Investment to 200 Million Euros to Reinforce Production

Faes Farma expands its investment in Vizcaya. The Spanish pharmaceutical company has expanded the initial plan of 150 million euros to 200 million euros to reinforce its production, according to CincoDías.

The pharmaceutical company has built a new plant in Derio, Vizcaya, with which it plans to double its capacity. The center, which is already enabled and equipped, is ready to begin its activity in the absence of authorization from the Spanish Agency for Medicines and Health Products (Aemps). The permit is expected to be enabled during the first quarter of 2025 .

Once the plant has approval, marketing will be immediate throughout Europe

In addition, Faes Farma will seek authorization from health regulators in other countries outside Europe in which it operates, such as the United States, Japan and Brazil, among other markets. The technicians will also pass through Derio to inspect the laboratories of the new factory, which has an area of ​​60,000 square meters .

The new Derio plant plans to triple the production capacity of the entire group and plans to transfer almost all manufacturing from other facilities and 200 of its workers in a phase that will last two years . This reorganization will affect the Portuguese subsidiary, which has a plant in the town of Amadora.

Faes Farma expects the new plant to be operational from the first quarter of 2025

Other movements of the company involve ratifying at its general meeting of shareholders, scheduled for Tuesday, June 25th, the appointment as executive director of Eduador Recoder de la Cuadra, with more than twenty years of experience in the pharmaceutical sector and from Astrazeneca , where he held the position of vice president of Western and Southern Europe, as stated in the agenda sent to the National Securities Market Commission (Cnmv).

The incorporation of Recoder as the new CEO will take effect on September 1 after having also been corporate commercial director of Grünenthal Spain and having worked in corporate development, management control and strategic planning at Basf and Basf Pharma in Germany, the United Kingdom and Spain.

Following this modification of the main executive position of the listed company, Mariano Ucar, executive president for the last eleven years, will become non-executive from September 1 following the change in the firm’s governance policy to separate management into two positions different according to the recent requirements of regulators .

In addition, the agenda for the meeting also includes the approval of the remuneration policy for the pharmaceutical company’s directors between 2025 and 2027 and the corresponding ones in charge of the 2023 financial year will be confirmed. At the same time, the green light will be given, predictably, to the group’s annual accounts and the management report of the current executive director.

Faes Farma recorded a net profit of 30.4 million euros in the first quarter of this year, which represents an increase of 10% compared to the same period in 2023. The group earned 139.4 million euros between January and March 2024, 7% more, while the gross operating result (ebitda) stood at 41 million euros, 10% more.

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

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