Pharming Group announces completion of minority investment in BioConnection BV
Highlights:
• Pharming takes a significant minority stake in BioConnection BV, its world class fill & finish partner
• Pharming has acquired its shareholding through the conversion of €2.5 million of existing credits and €1.6 million of new cash subscription for a total of €4.1 million in BioConnection shares, plus additional shares acquired from existing investors.
• BioConnection’s independent management team is investing in increasing manufacturing and production capacity
Leiden, the Netherlands – 9 April 2019
Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM) announces that following the Company’s announcement on 29 March 2019, it has completed its investment of €1.6 million in cash and conversion of €2.5 million of prepayments into new equity in its Fill & Finish partner BioConnection BV, which manufactures the sterile sealed vials of Pharming’s product RUCONEST® from the purified drug substance.
Other current shareholders of BioConnection are also supporting the company with additional investments. No further details are being disclosed.
As previously announced, BioConnection BV is a fast-growing profitable private company with a global customer base. To match a growing demand of GMP Fill & Finish services in the biopharmaceutical market, BioConnection is seeking to expand its manufacturing and production capacity.
Pharming is one of BioConnection’s largest customers and will benefit strongly from the increased capacity in due course.
Chief Executive Officer Sijmen de Vries said:
“We are pleased to have completed our investment into BioConnection which has been an excellent partner for Pharming for many years, and is an important part of our future growth plans.
While we do not intend to take an active operational role in the company, its successful expansion will directly benefit Pharming as we look to increase capacity to support growing demand for RUCONEST® and as we expand our pipeline.”
About BioConnection B.V.
BioConnection B.V. (www.bioconnection.eu) is a Dutch contract manufacturing organization which offers flexible state-of-the-art development and GMP-compliant manufacturing services for sterile drug products. BioConnection is specialized in Fill and Finish including freeze-drying, technology transfers, scale-up and validations. BioConnection offers complete drug product manufacture service packages based on tailor-made solutions and customer-oriented flexibility from its own FDA and EMA accredited facility in Oss in the Netherlands.