Infarco, the parent company of Cinfa, makes the leap to biotechnology

The first steps have been taken: the creation of Cinfa Biotech and the increase of capital in 3P Biopharmaceuticals, a company in which it has become the majority shareholder.

The parent company of Cinfa will invest more than 200 million Euros in the companies of the group over the next five years.

Infarco, parent company of Cinfa (the first pharmaceutical company in Spain per unit and leader in the generic medicines market in Spain), has entered the field of biotechnology through two business operations: the launch of the biopharmaceutical company Cinfa Biotech, and the increase of capital in 3P Biopharmaceuticals, a company in which it has become the majority shareholder. Furthermore, in its business diversification and internationalisation strategy, it has acquired a one hundred percent stake in Cyndea Pharma, reference laboratory in the manufacture of hormone therapies in which, until now, it had a fifty percent stake.

The total investment of Infarco in the companies of the group, which currently employ 1,100 people, will be more than 200 million Euros over the next five years. “The parent company of Cinfa is a business group whose capital is one hundred percent Spanish and with 50 years of experience in the health sector” explains Enrique Ordieres Sagarmínaga, president of Infarco. “Our business strength and the technological and scientific capabilities developed over this time alllow us to now undertake the challenge of biotechnology. And we will do this by investing and creating jobs in Spain, and boosting in our country a leading scientific sector that is biotechnology.”

Cinfa Biotech, 70 million euro investment through 2019 Cinfa Biotech was founded with a global perspective in order to achieve a solid position within the European biopharmaceuticals market. Its founding is a significant step for Infarco toward its
goal to ensure that the latest advances in medicine are made available to all patients.

Cinfa Biotech, headquatered in Pamplona (Spain) and with a subsidiary in Munich (Germany), will receive an initial investment from Infarco of 70 million Euros over the next five years for the development (in different phases) of several biosimilars.

The company’s initial product candidate is a biosimilar indicated for oncology indications. It is in an advanced development phase and its clinical study phase will begin in 2015. “Biosimilars have comparable quality, safety and efficacy as the originator product, with the advantage of being affordable for a larger number of patients.” says Ordieres.

The objective of 3P, the European and American markets
In addition, Infarco as the parent company of Cinfa has invested 6 million Euros to increase the capital of 3P Biopharmaceuticals, a contract manufacturer committed to the process development and production of biopharmaceuticals. Through this operation, Infarco acquired a 51% stake of the company thereby becoming the majority shareholder of the company. The long-term goal of this company, which expects to invoice 7 million Euros in 2014, which entails a 55% increase over the previous year, is to establish itself in the markets of Europe and the United States.