Spanish pharmaceuticals company Esteve has agreed to sell a 26% stake to German private investment firm Lubea, which will become a strategic partner, the family-owned firm based in Barcelona said in a statement on Wednesday.
It did not disclose the value of the deal.
“We are pleased to have Lubea on board as a strategic partner,” Esteve CEO Staffan Schuberg wrote.
“This investment will provide us with the necessary resources to accelerate our growth and expand our presence in international markets, while remaining true to our purpose of improving people’s lives through our innovative pharmaceutical products,” he added.
Esteve Lifesciences Group will remain the majority shareholder, the company said.
Founded in 1929, Esteve has units in Spain, Portugal, Germany, France, Britain and Italy and production sites that develop and manufacture active pharmaceutical ingredients in Spain, Mexico and China, as well as a pharmaceutical plant in Germany.
Esteve had 644 million euros ($709 million) in revenues in 2022. The company sold its generic drug unit in 2019 and bought the German company Riemser from Ardian in 2020.
Source: Reuters.com