Coripharma has secured EUR 10m (ISK 1.5bn) in equity funding to further support its future growth through research and development of generic pharmaceutical products in addition to increasing Coripharma’s commercial outreach.
The financing round aligns with the company’s previously stated plans and has received significant backing, especially from existing shareholders. Notably, the primary investors include CP Invest slhf., which is owned by the venture fund Iðunn and several Icelandic pension funds, as well as other major shareholders such as Snaebol, Hof, BKP Invest, TFII and VIS.
Bjarni K. Þorvardarson, Chairman of Coripharma and CEO of BKP Invest ehf.:
“This successful capital raise is a testament of Coripharma´s shareholders support and their unwavering faith in our employees’ ability to realize the opportunities ahead of us. This capital increase will further strengthen the company in its generic drug development for clients around the world as well as in our journey to make Coripharma an attractive choice for institutional as well as, eventually, public investors”.
Bjarni K. Þorvardarson, Chairman of Coripharma and CEO of BKP Invest ehf.:
“This successful capital raise is a testament of Coripharma´s shareholders support and their unwavering faith in our employees’ ability to realize the opportunities ahead of us. This capital increase will further strengthen the company in its generic drug development for clients around the world as well as in our journey to make Coripharma an attractive choice for institutional as well as, eventually, public investors”.
Jonina Gudmundsdottir, CEO Coripharma:
“It's inspiring to sense the continued strong support of investors, as we prepare to launch five new products from our own developed portfolio in 2024. This current year we are aiming to double our product sales and have already secured 85% of that plan in binding purchase orders. The support of our investors on this journey is invaluable and we look forward to taking on upcoming projects.”
Jonina Gudmundsdottir, CEO Coripharma:
“It's inspiring to sense the continued strong support of investors, as we prepare to launch five new products from our own developed portfolio in 2024. This current year we are aiming to double our product sales and have already secured 85% of that plan in binding purchase orders. The support of our investors on this journey is invaluable and we look forward to taking on upcoming projects.”
Corporate finance teams from the Icelandic banks Kvika, as Global Coordinator, and Arion, as Joint Book Runner, advised on the transaction and assisted Coripharma’s management team in securing this important milestone in the company’s journey.
Coripharma is a generic pharmaceutical company with approximately 180 employees, built on the powerful heritage of pharmaceutical development and manufacturing in Iceland. The company specializes in development, manufacturing, and export of generic pharmaceuticals, as well as contract manufacturing services for other pharmaceutical companies. Coripharma has identified great opportunities for growth internationally and with continued product development, Coripharma aims to market 4-6 new generic products every year in cooperation with other pharmaceutical companies.
