IFF Announces Sale of its Pharma Solutions Business to Roquette
19 Mars 2024 - 11:45AM
Business Wire
IFF (NYSE: IFF) today announced that it has entered into a
definitive agreement to sell its Pharma Solutions business unit to
French leader of plant-based ingredients Roquette for an enterprise
value of up to $2.85 billion, which represents an enterprise value
to EBITDA multiple of approximately 13x. IFF’s Pharma Solutions
business is a well-established developer and manufacturer of
pharmaceutical excipients and includes its Global Specialty
Solutions business supporting industrial and methyl cellulosic food
applications. The Pharma Solutions business being sold to Roquette
is primarily made up of businesses within IFF’s existing Pharma
Solutions division, with some adjustments to the perimeter of the
transaction designed to align customers, businesses and the
manufacturing footprint.
“We are pleased to reach an agreement with Roquette that will
support Pharma Solutions’ next chapter of growth as a trusted
partner for the pharmaceutical industry,” said IFF CEO Erik
Fyrwald. "An important next step in our portfolio optimization
strategy, the sale of Pharma Solutions, along with other recent
actions such as our dividend rightsizing, represents a significant
step towards our commitment to reducing debt leverage to 3.0x or
below. This also enables us to increase focus on the core drivers
of long-term profitable growth and maximize value for our
shareholders. We are grateful for the many contributions of our
Pharma colleagues and are confident that with Roquette, the Pharma
Solutions business will be well positioned to expand its industry
leadership through continued investment in innovation to meet the
evolving needs of pharmaceutical manufacturers and developers
worldwide.”
"We are excited to enter into this partnership with the talented
Pharma Solutions team at IFF, which has grown into the go-to
partner in the pharmaceutical excipients and specialty solutions
markets globally,” said Pierre Courduroux, CEO of Roquette. “The
combination of our excipients expertise with IFF Pharma is a
fantastic opportunity to become a true global specialist of drug
delivery and oral dosage solutions, responding to the needs of our
customers and to the demands of patients who are looking for
continuously better treatments.”
Pharma Solutions operates 10 research and development and/or
production sites globally, with approximately 1100 employees, and
generated approximately $1B revenue in 2023. IFF and Roquette
expect to close the transaction in the first half of 2025, subject
to applicable information and/or consultation requirements and
customary closing conditions, including regulatory approvals. J.P.
Morgan Securities LLC acted as exclusive financial advisor to IFF,
Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel, and
Evercore as advisor to the board.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent,
health and biosciences, science and creativity meet to create
essential solutions for a better world – from global icons to
unexpected innovations and experiences. With the beauty of art and
the precision of science, we are an international collective of
thinkers who partners with customers to bring scents, tastes,
experiences, ingredients and solutions for products the world
craves. Together, we will do more good for people and planet. Learn
more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
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Media Relations: Paulina Heinkel 332.877.5339
Media.request@iff.com
Investor Relations: Michael Bender 212.708.7263
Investor.Relations@iff.com
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