EQS-News

Medios acquires Dutch market leader in pharmaceutical compounding services - Seite 3

Ceban pharmaceuticals

Ceban has a market leading position in pharmaceutical compounding in the Netherlands, a top-3 position in Belgium and a top-5 position in Spain. It supplies around 3,300 pharmacies and more than 200 hospitals and it owns a chain of pharmacies with 23 own pharmacies in the Netherlands.

The company covers the entire value chain – from the procurement of APIs to sterile and nonsterile compounding of pharmaceuticals and supply via public and hospital pharmacies to home care services including the assistance of patients at home. Ceban has long-lasting relationships with parties across the chain and is strongly positioned to benefit from the significantly growing demand for pharmaceutical compounding by clinics, pharmacies, and hospitals. 

Ceban has been growing its revenue at an average organic growth rate of more than 10% over the last three years, to a preliminary revenue of c. €160 million in 2023. The preliminary EBITDA-adjusted amounts to c. €29 million in 2023, resulting in a respective margin of c. 18%.

Ceban will continue to operate under its own brand names. Ceban’s strong and experienced management team has committed to remain fully involved to further drive growth in already existing markets and in new geographies within Europe.

Transaction details

Medios will acquire a 100% interest in Ceban Pharmaceuticals B.V. from funds managed by Bencis. The purchase price for the transaction includes a cash component of €235.3 million and 1.7 million new Medios shares valued approx. €23.9 million*. The newly issued shares will be subject to a hard lock-up period of 24 months.

The purchase price is financed by Medios from existing cash and an already committed credit facility. The 1.7 million new shares will be issued out of authorized capital against contributions in kind.

The completion of the transaction is subject to the fulfilment of customary closing conditions. The closing of the transaction is expected for the second quarter of 2024.

Preliminary financials FY 2023

Based on preliminary and unaudited figures (IFRS), Medios has reached its guidance and once again grew strongly in the financial year 2023. From January to December 2023, Consolidated revenue increased by c. 11.0% to around €1.8 billion (previous year: €1.61 billion) and thus met the most recent forecast. EBITDA pre¹ increased by 10.3% to around € 60.5 million (previous year: €54.9 million) exceeding the most recent forecast of around €60 million. Accordingly, the EBITDA pre¹ margin remained at the previous year's level of 3.4%.