Project Golf
Confidential summary for informational purposes only — not an offer or solicitation. Details provided to qualified parties upon request/NDA.
Opportunity
A CDMO established in 2015, with ~400 employees and a single corporate owner,
offers high-capacity solid oral dosage production (4+ billion tablets/capsules annually),
packaging (80+ million units/year), full drug substance and drug product services including
fill & finish and analytical support via a major biotech facility investment since 2020, serves
international big pharma and generic clients with worldwide distribution, achieved €55M net
revenue in 2022, and is positioned for growth despite a temporary EBITDA impact from
recent heavy capital expenditure.
Company Profile
Established in 2015 as an independent CMO, this single-owner
pharmaceutical contract manufacturing organization operates a state-of-the-art facility with capacity for over 4 billion tablets and capsules annually, supported by 10 packaging lines delivering 80+ million packaging units per year. It employs around 400 people and provides worldwide distribution, serving as a strategic global launch base for international clients.
Capabilities & Client Base
Specialized in high-value areas:
immuno-oncology, immune-modulation, and lung diseases, supported by additional small and large animal drug discovery services. The company has a proven track record serving major pharmaceutical
clients, including big pharma such as GSK.
Financial Highlights
Net revenue reached $65 million in 2022. EBITDA was $8.1 million in 2021, with a temporary negative $20 million EBITDA in a later period driven by significant investment in the new biotech facility, reflecting a growth-oriented expansion phase on a solid revenue foundation.
Investment
The single corporate owner presents an attractive platform for acquisition or strategic investment: an established CDMO with high-capacity solid oral dosage production, emerging biotech capabilities (fill & finish), proven big pharma/generic clientele, global reach, and substantial infrastructure upside following recent heavy capex, positioned for scaling in the expanding outsourced manufacturing market.