Pharming Group N.V. announces that it has made a provisional commitment to invest up to €1.6 million in cash and convert €2.5 million of prepayments into equity in its fill & finish partner BioConnection BV, which manufactures the final sealed vials of Pharming’s product RUCONEST® from the purified drug substance.
BioConnection BV is a fast-growing profitable private company with a global customer base. To match a growing demand of GMP fill & finish services in the biopharmaceutical market, BioConnection is seeking to expand its manufacturing and production capacity. As one of its largest customers and one which will benefit strongly from the increased capacity in due course, Pharming has agreed to take a minority stake in the company. Other current shareholders of BioConnection are also supporting the company with additional investments. The investment, which is still subject to agreement on final documentation, is expected to close next week.
Chief Executive Officer Sijmen de Vries said: “BioConnection has been an excellent partner for Pharming for many years, and is an important part of our future plans. While we do not intend to take an active operational role in the company, its successful expansion will directly benefit Pharming as we look to increase capacity to support growing demand for RUCONEST® and as we expand our pipeline.”
The Dutch Financial Times published this news article.