Pharmathen, which has been acquired by Partners Group, is making an important additional investment in Greece. According to Business Daily, the acquisition of CBL Chemical and Biopharmaceutical Laboratories of Patras S.A. (CBL Patras) by the pharmaceutical company for 80 million euros is expected to be announced in the near future.
CBL Patras S.A. started from the scientific research of Professor Kleomenis Barlou (founder and main shareholder), at the University of Patras in 1989, with some innovative products that were immediately recognized by the scientific and research community as key raw materials (Barlosresins), which revolutionized the methods of production of peptides and small proteins used as drugs, vaccines, diagnostics, cosmetics and food supplements.
As stated on the company's website, since its inception, CBL has maintained strong roots as a peptide technology company, demonstrating the role of technology in commercial applications. Professor Cleomenis Barlos demonstrated the utility of tartrate resins and the hybrid process in the chemical synthesis of prothymosin, a 108 amino acid peptide.
CBL continues to develop unique peptide reagents such as mmt/mttFmoc-protected cysteine and Fmoc-lysine and synthetic techniques to further enhance the commercial development of even the most complex peptides.
According to the latest published balance sheet in 2021, its turnover was EUR 20.1 million, up 29.3% compared to 2020, with an impressive margin and improved results. At the EBIDTA level (EUR 11.5 million), the rate on sales was 57.29% compared to 51.27% in 2020.
Pre-tax profit in 2021 (EUR 9.22 million) was improved by 58.74%, while there was a greater increase (64.75%) in profit after tax which stood at EUR 7.23 million. The net debt of the company, which has equity of 30 million euros, is only 58 thousand euros as its borrowing of 7.1 million euros (bank loans and leases) is balanced by an equal amount in cash and investments. At the end of 2021, the company employed 94 people.
Pharmathen's investors have indicated that they wish to strengthen their presence in Greece. Specifically, the support with an additional €50 million to Pharmathen's investment program, totaling €200 million, already underway for the five-year period 2022-2026, was announced at a meeting with Prime Minister Kyriakos Mitsotakis last spring by Charles Dallara, Chairman of the Board, Partners Group USA, Thomas Werner, President of the Supervisory BoD, Pharmathen and Dimitris Kadis, CEO of Pharmathen.
Specifically, Pharmathen's $50 million will create a new innovation hub in Attica to be completed in 2025. The investment will leverage Pharmathen's expertise in extended-release injectable products as well as ophthalmic technologies, strengthening the company's competitive advantage in the global pharmaceutical market, and will create at least 150 new jobs.
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