FSN secures majority stake in Adragos Pharma

Adragos's current owner, family office Prange Group, will remain invested in the business following the transaction, the terms of which were not disclosed.

FSN will invest via FSN Capital VI. The GP held a final close for the vehicle on EUR 1.8bn in June last year, exceeding its original target of EUR 1.5bn. The fund is expected to make 14-16 platform investments in companies across three core sectors: manufacturing, consumer, and business services. Adragos is the fund's fourth investment.

The GP has set its sights on a buy-and-build strategy to grow Adragos, with partner Justin Kent stating FSN was working towards "creating a leading player through a string of acquisitions". The GP sees Adragos as being active in a market with "strong underlying growth fundamentals" and where the continuing network optimisation by large pharmaceutical companies presents attractive M&A opportunities, it said.

The company will notably look to expand its existing manufacturing network via add-on acquisitions in Europe and North America. While Adragos is open to take over other CDMOs, a particular focus lies on acquiring production sites from large pharma players, according to FSN.

Company
Adragos, with production sites in Livron (France), Leipzig (Germany) and Toride (Japan), offers end-to-end services for a broad range of pharmaceutical products, in particular injectables and semi-solid forms.

The company was initially set up as an investment entity to subsequently combine several production sites under its umbrella as a corporate holding. It employs 400 staff.

People
FSN Capital – Justin Kent (partner); Nicolai Norrbom (principal).

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