Swixx Biopharma brings biopharma products and medical devices of industry partners to central and eastern Europe. The Zug-based service company closed a €45 million financing round and signed a €52 million revolving facility agreement with a syndicate of three banks – UBS Switzerland AG, Credit Suisse AG, and Citibank Europe plc, Prague Branch. The funds will be used to finance further growth.
The strong Swiss pharma and biotech cluster includes not only drug development companies but also service providers. Among them are fast growing companies such as Zug-based Swixx BioPharma which was founded under the name Amicus in 2013.
Swixx replaces biopharma, over-the-counter (OTC) and medical device multinationals’ subsidiaries or business units in those countries, or therapeutic areas of Central and Eastern Europe (CEE) that the multinational chooses not to enter, or to exit. With 600 employees and sales exceeding 260M Euros in 2021, Swixx BioPharma is already the largest agent for ethical pharmaceuticals serving research-based biopharma in CEE.
Mérieux Equity Partners (MxEP) will invest €40 million into Swixx, taking a minority position. In addition, HBM Healthcare Investments (HBM) of Zug, Switzerland, who had invested in Swixx in 2017, will co-invest alongside Mérieux, increasing HBM’s investment in Swixx by €5 million. HBM’s and MxEP’s investments should close during the next few months, depending upon completion of routine regulatory approvals. The new capital will be used to leverage the steady growth that Swixx has enjoyed over the past few years. MxEP has arrangements in place to increase its investment in Swixx up to €90 million, based upon the realisation of certain milestones. MxEP’s Managing Partner Benoît Chastaing will join Swixx’s Board.
In addition Swixx recently announced the signing of a revolving facility agreement with a syndicate of three banks – UBS Switzerland AG (acting as Mandated Lead Arranger, Coordinator, Agent, Security Agent and Lender), Credit Suisse (Schweiz) AG (acting as Lender), and Citibank Europe plc, Prague Branch (acting as Lender).
“It is my great pleasure to announce this agreement with our three banking partners”, commented Swixx CFO Petr Pipal. “It will help to finance working capital needs connected to the significant level of growth that we plan for next five years. Furthermore, it will strengthen Swixx’s financial offering to our Business Partners. The facility includes an option to request an increase of the facility up to €80 million. This means that the revolving facility offers additional and welcome flexibility as we look at future corporate development opportunities.”
(Press release / RAN)
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