Cathay Capital invests in European pharma firm Cenexi

Founded in 2004, Paris-based Cennexi operates the largest production site for sterile ampoules in Europe. Previously a subsidiary of the Roche Group, Cennexi spun out in 2008. It subsequently acquired two new production sites in Osny in France and in Braine l'Alleud in Belgium, which specialize in solid forms of hormonal and anti-allergy products and injectable oncologic products, respectively.

At present Cennexi serves over 80 pharmaceutical groups globally, both in the generalist and specialist segments. Cennexi has registered with sveral major world health authorities, including the US Food and Drug Administration (FDA), which allows the group to distribute its products in over 150 countries.

Cathay Capital will support the management team to expand from Europe to other markets both through organic growth and acquisitions. The investment was made from Cathay's Sino-French Midcap Fund, which reached its EUR500 million hard-cap last year. The vehicle is expected to deploy 40% of its capital in France, 40% in China and 20% in the rest of Europe, with a core focus on Germany.

Two months ago, the GP bought a 25% stake in Chinese food ingredient maker Cabio Bioengineering through the midcap fund. In April, Cathay led a consortium of investors that paid EUR52.5 million for a 49% stake in French diagnostic device maker Echosens.

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• Topics
• Greater China
• Healthcare
• Expansion
• China
• Europe
• Pharmaceuticals
• healthcare
• Cathay Capital Private Equity
• Growth capital