Executive Chairman Paolo Marcucci: "We are poised for international growth"
LUCCA, Italy, May 2, 2022 /PRNewswire/ -- Kedrion Biopharma, the Italian biopharmaceuticals group, has redeemed €200m euros of its notes that fall due in 2022, slightly less than three months ahead of their maturity date. The notes, which were issued in 2017, were part of a larger borrowing that the company has now fully repaid.
The company said its board decided on the early redemption in April 2022, ahead of the maturity date of July 12, 2022 as part of its wider financial strategy. Kedrion described the move, made in consultation with its new investment partner Permira, as part of a set of steps which will see the company focused on keeping its debt exposure at moderate levels while aiming for international growth.
Paolo Marcucci, Kedrion's Executive Chairman, said he was pleased with recent developments in the group, and with the Marcucci family's new partnership with Permira. "Together we are poised for growth, we are committed to future investment, and we look forward to significant international expansion in the near future, especially in North America." Marcucci added: "I am pleased that Kedrion is moving in the right direction. With a strong balance sheet and an array of new growth opportunities before us, we are ready for our next phase as a global player in the biopharmaceuticals sector."
Last January, Permira, the global private equity firm, said that funds advised by Permira had entered into a partnership agreement with Kedrion's existing shareholders (the Marcucci family) to jointly acquire and combine Kedrion and BPL into one group. The combination will create a global player for medicines derived from human blood plasma, to treat patients with rare and life threatening conditions.
Kedrion, headquartered in Tuscany, Italy, brings an extensive portfolio of 21 products and over 600 marketing authorizations around the world. Kedrion was established in 2001 but has roots in the Italian pharmaceutical industry dating back to the 1960s. Under the leadership of multiple generations of the Marcucci family, Kedrion has evolved from its deep Italian heritage to become a global vertically integrated platform with a commercial footprint reaching over 100 countries, of which 80% is through direct sales.
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