Marinomed Biotech AG (VSE:MARI) has signed an agreement on the sale of its Carragelose business to the French CDMO Unither Pharmaceuticals. The contract provides for upfront and milestone payments in a total of up to €20m, including an upfront payment of up to €5m. Further payments depend on the achievement of defined commercial and operational targets over the next two years. Closing of the transaction is subject to typical conditions such as merger control, the successful completion of the restructuring proceedings and the approval by the Company’s shareholders at an extraordinary general meeting. The agreement provides for the transfer of the entire Carragelose portfolio, including all associated contracts and business relations. As part of the agreement, Marinomed and Unither are also intending to enter into a transition service agreement at the completion of such transaction. The proceeds from the sale of the Carragelose business are planned to finance both the operating business, with increased focus on the Marinosolv platform, and the restructuring plan agreed upon with the Company’s creditors on November 14, 2024.
“Unither Pharmaceuticals is a leading contract development and manufacturing organisation of medical devices and pharmaceutical products with production sites in many parts of the world. The collaboration with Unither offers an excellent development and growth opportunity for the Carragelose portfolio. I am convinced that we have found the ideal partner for our business”, Andreas Grassauer, CEO of Marinomed, says. “With the proceeds generated, we can secure financing for the next years. This includes the fulfilment of the restructuring plan and the coverage of operational costs necessary for the commercialisation of the Marinosolv platform. We remain confident that we can realise sufficient revenues through the conclusion of partnerships for our Marinosolv product candidates Budesolv and Tacrosolv, as well as through our Solv4U technology partnerships and services to turn this business profitable.”
“The acquisition of the Carragelose product portfolio is a remarkable opportunity for Unither. Beyond the growth potential in the cough and cold sector, we plan to capitalise on the Carragelose products in allergy and the recently developed Carragelose eye drops”, Eric Goupil, CEO of Unither, comments. “Combining innovation with our own technical knowledge and the expertise of Marinomed allows us to offer turnkey solutions for our customers. We are delighted to add Carragelose to our patented technology platforms and our product portfolio as part of our mission of bringing innovative, competitive and sustainable solutions to our customers. We are looking forward to working with the Marinomed team on the growth of Carragelose.”
Marinomed Biotech AG will hold an extraordinary general meeting to approve the sale of the Carragelose business. Further details will soon be available on our website: https://www.marinomed.com/en/investors-esg/annual-general-meeting