Coripharma has secured EUR 24.5m (ISK 3.5bn) in equity funding to further support its future growth through research and development of generic pharmaceutical products in addition to increased commercial outreach.
The financing round is in line with the company‘s previously communicated plans and attracted significant interest from large institutional investors, including Icelandic pension funds, as well as receiving strong support from current shareholders. The largest subscription was by CP Invest, a company established specifically for the investment in Coripharma, owned by Icelandic pension funds and the venture fund Iðunn. The Iðunn fund specializes in life sciences and health technology and joined Coripharma’s shareholder group in 2021. Following the share increase CP Invest is the largest shareholder, holding approx. 32% shareholding in Coripharma.
Corporate finance teams from the Icelandic banks Kvika, as Global Coordinator, and Arion, as Joint Book Runner, advised Coripharma on the transaction and assisted Coripharma’s management team in securing this important milestone in the company’s journey.
Hilmar Bragi Janusson, Managing Director of Iðunn:
“Coripharma is a key investment in Iðunn´s portfolio. The share increase will support and reinforce Coripharma’s compelling business plan and further underpin Coripharma’s long term trajectory of continued growth and expansion. Coripharma´s key strengths lie in its clear strategic vision and its experienced and knowledgeable executive team. Furthermore, the company has a proven track record using its strengths in IP based R&D to select, develop, manufacture and sell its pharmaceutical products via established sales channel.”
Hilmar Bragi Janusson, Managing Director of Iðunn:
“Coripharma is a key investment in Iðunn´s portfolio. The share increase will support and reinforce Coripharma’s compelling business plan and further underpin Coripharma’s long term trajectory of continued growth and expansion. Coripharma´s key strengths lie in its clear strategic vision and its experienced and knowledgeable executive team. Furthermore, the company has a proven track record using its strengths in IP based R&D to select, develop, manufacture and sell its pharmaceutical products via established sales channel.”
Jonina Gudmundsdottir, CEO Coripharma:
“We are both delighted and honoured by the strong interest and support of the local investment community for Coripharma and its growth strategy. The raise marks a well-defined milestone on our path and will be critical to our continued R&D activities and further strengthening of our commercial team.”
Jonina Gudmundsdottir, CEO Coripharma:
“We are both delighted and honoured by the strong interest and support of the local investment community for Coripharma and its growth strategy. The raise marks a well-defined milestone on our path and will be critical to our continued R&D activities and further strengthening of our commercial team.”
Coripharma is a generic pharmaceutical company which in 2018/2019 acquired the established and renowned development and manufacturing operations of Actavis/Teva in Iceland. The company specializes in generic research and development, manufacturing, out-licensing and other B2B services to pharmaceutical companies. Coripharma currently produces over 20 different generics to over 20 international clients and has a portfolio of 19 generic products in different stages of development.
