Oyat advises Cenexi’s management on its acquisition by India’s Gland Pharma
PARIS (April 2023) – Cenexi, a French CDMO specialising in the manufacture of sterile and injectable pharmaceutical products, has been acquired by India’s Gland Pharma, a subsidiary of the Chinese conglomerate Fosun. The deal has an enterprise value of €230m, including €120m in equity. Advised by Natixis Partners and Jefferies, Cathay Capital, a majority shareholder since 2015, has thus completed its exit.
A former subsidiary of the Swiss group Roche, Cenexi became independent in 2008 thanks to an MBO with Chequers Capital and Indigo. Founded in 2004, Cenexi is currently based in Fontenay-sous-Bois and operates four production sites in Europe, including three in France (Fontenay-sous-Bois, Hérouville-St-Clair and Osny) and one in Belgium (Braine-l’Alleud).
Oyat advised Philippe Mougin, founder and former CEO of Cenexi, on the sale of the group, with a team comprising partners Caroline Basdevant-Soulié and Guillaume Ledoux.