Vejle, 1 July, 2021
EQT announced today that it has agreed to sell Fertin Pharma, a specialist contract development and manufacturing organization (CDMO) in innovative oral and intra-oral delivery technologies, to Philip Morris International (PMI) (NYSE: PM).
With headquarters in Vejle, Denmark, Fertin Pharma is a leading specialist CDMO in innovative oral and intra-oral delivery technologies to support healthier living. The Company develops and manufactures innovative delivery systems, such as chewing gums, tablets, and powders, used for pharmaceutical and nutraceutical applications. Innovative and consumer relevant solutions that when consumed enhance the efficacy of active and functional ingredients.
Peter Halling, CEO of Fertin Pharma, commented, “Fertin Pharma has been on a fantastic journey with EQT and the Bagger-Sørensen family as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue delivering on our vision and mission, including our work as a CDMO for our customers. PMI is going through an inspiring transformation as a company with an ambition to deliver a smoke-free future and building a beyond nicotine product portfolio. An ambition that perfectly matches that of Fertin Pharma, namely, to enable people to live healthier lives. In PMI we have found a new owner and partner who shares our vision, who is committed to science and who will enable Fertin Pharma to further accelerate and grow as a company.”
Rikke Kjær Nielsen, Partner within EQT Private Equity’s Advisory Team, “Since EQT entered in 2017, the strategy has been to develop the path for Fertin Pharma’s diversification journey. We are extremely proud of what we have accomplished together with the Bagger-Sørensen family, the board and the management team, taking the Company from a niche Nicotine Replacement Therapy champion to an international industry leader with a diversified portfolio of technologies and blue-chip customers in consumer health. I would particularly like to thank the Bagger-Sørensen family for the great cooperation and partnership over the years. We are confident that PMI will be a good long-term home for Fertin Pharma with their ambition to lead the transformation of the tobacco industry to create a smoke-free future – an ambition closely aligned with Fertin’s vision of supporting healthier living.”
Claus Bagger-Sørensen, Co-owner and board member of Bagger-Sørensen & Co. said, “On behalf of the Bagger-Sørensen family, it has been a true pleasure to partner with EQT during this phase of Fertin Pharma’s growth journey. We have had a great partnership based on shared ambitions for Fertin Pharma, which we have realised in successful collaboration. I hope and believe the sale will further strengthen the journey towards a smoke-free future and healthier lives.”
Jacek Olczak, Chief Executive Officer of PMI added, “The acquisition of Fertin Pharma will be a significant step forward on our journey toward delivering a smoke-free future – enhancing our smoke-free portfolio, notably in modern oral, and accelerating our progress in beyond nicotine. Both PMI and Fertin share a commitment to science and consumer-centric innovations for better living, and I am delighted we have reached this agreement. Fertin’s diverse portfolio of technologies, evolving business mix, and world-class expertise will enrich our innovation pipeline and capabilities, providing speed and scale in oral delivery to support our 2025 goals of generating more than 50% of our net revenues from smoke-free products and at least USD 1 billion from products beyond nicotine.”
Fertin Pharma’s patented delivery technologies enable people all around the world to live healthier lives, whether it be helping to reduce and ultimately quit harmful tobacco use or gaining access to a broad range of easy-to-consume formats for consumer healthcare applications. In 2020, nearly three billion Nicotine Replacement Therapy (NRT) doses were manufactured, supporting more than 3.2 million people with reducing- and quitting harmful tobacco and smoking.
Fertin Pharma A/S’ headquarters are located in Vejle, Denmark, with additional facilities in India and Canada. Fertin is a Danish contract development and manufacturing organization specializing in innovative oral dosage formats with nutraceutical and pharmaceutical ingredients. The company provides patients and consumers with convenient, pleasurable, and efficient delivery formats, based on substantial know-how, technological capabilities, and consumer insight.
For further information, please contact:
Peter Halling, CEO
Tel. +45 7215 1300