Equipped with a 5-year, €90 million ($113.2 million) loan, Swedish CDMO Recipharm announced that it will use the borrowed money to invest in itself and acquire niche CDMOs.
Recipharm says it will use the loan facility with Swedbank for a variety of purposes, including expansion plans in contract pharmaceutical development, investment in its existing sites to meet increasing demand and enhancing new and existing customer relationships.
"The new financing will serve to bolster initiatives designed to build and foster strong customer relationships with all our clients across the pharmaceuticals sector," according to Recipharm CEO Thomas Eldered in a statement. "Indeed, Recipharm adopts a partnering approach to client relations to ensure that we consistently provide bespoke services that meet the precise needs of each individual customer both now and in the future."
While the CDMO's announcement doesn't delve much into specifics, a story from Outsourcing-Pharma speculates that Recipharm may use part of the loan to invest in Asian markets. The notion may not come as a surprise: Recipharm only has locations in Europe, while China and India are considered two of the biggest countries for outsourcing.
- see more from Outsourcing-Pharma
- read Recipharm's announcement
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