Marinomed Biotech AG signs agreement for sale of Carragelose business to French Unither Pharmaceuticals
- Marinomed to sell Carragelose business to Unither Pharmaceuticals, a leading contract development and manufacturing organization (CDMO) of medical devices and pharmaceutical products
- Proceeds from sale of Carragelose business amounting to up to EUR 20 million to finance restructuring plan, continuation of the Company and investment in Marinosolv platform
- Closing is, among other requirements, subject to the successful completion of the restructuring proceedings and the approval by the shareholders at an extraordinary general meeting
Korneuburg, Austria, 27. November 2024 – 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 total of up to EUR 20 million, including an upfront payment of up to EUR 5 million. 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 agreements and business relations. As part of the agreement, Marinomed and Unither are also intending to enter into a transition service agreement at 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 organization 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 fulfillment of the restructuring plan, and the coverage of operational costs necessary for the commercialization of the Marinosolv platform. We remain confident that we can realize 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 capitalize 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
About Unither Pharmaceuticals
Unither Pharmaceuticals is a pharmaceutical subcontractor specializing in the development and manufacturing of single-dose and multidose liquid formulations (including eye drops, saline solutions, asthma medications in BFS single doses, and oral liquid stick-packs) for originator pharmaceutical companies and generic manufacturers. With 2,200 employees and eight manufacturing plants across France, the United States, Brazil and China, as well as an R&D center in France, Unither Pharmaceuticals reported sales of EUR 475 million in 2023. https://www.unither-pharma.com/
About Carragelose®
Carragelose® is a sulfated polymer from red seaweed and a unique, broadly active virus- and allergen-blocking compound. It is known as a gentle, effective, and safe prevention and treatment of various viral respiratory infections. Several clinical and preclinical studies have shown that Carragelose® forms a protective layer on the mucosa that prevents viruses from infecting cells. Laboratory and clinical data have demonstrated that Carragelose® can also inhibit the spreading of SARS-CoV-2.[1],[2] Marinomed is the holder of the IP rights and has licensed Carragelose® for marketing in Europe, North America, Australia, and parts of Asia and Latin America. Marinomed’s portfolio of Carragelose®-containing nasal sprays and oral products can be accessed at https://www.carragelose.com/en/portfolio/launched-products, scientific publications on Carragelose® at https://www.carragelose.com/en/publications.
About Marinomed Biotech AG
Marinomed Biotech AG is an Austrian, science-based biotech company with a growing development pipeline and globally marketed therapeutics. The Company develops innovative patent-protected products in the therapeutic areas immunology and virology based on the platform Marinosolv® and the virus-blocking activity of Carragelose®. The Marinosolv® technology improves the solubility and bioavailability of hardly soluble compounds and is used to develop new therapeutics for autoreactive immune disorders. The virology segment includes Carragelose®-based over-the-counter (OTC) products to prevent and treat respiratory viral infections that are partnered in more than 40 countries. The Company is headquartered in Korneuburg, Austria, and is listed on the Vienna Stock Exchange (VSE:MARI). For further information, please visit: https://www.marinomed.com.
For further inquiries contact:
| Marinomed Biotech AG
PR & IR: Lucia Ziegler T: +43 2262 90300 158 E-Mail: pr@marinomed.com E-Mail: ir@marinomed.com |
Disclaimer
This press release contains forward-looking statements, which are based on current views, expectations and projections of the management of Marinomed Biotech AG about future events. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. The current views, expectations and projections of the management of Marinomed Biotech AG may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. Forward-looking statements are only valid as of the date they are made and Marinomed Biotech AG does not assume any obligation to update, review or revise any forward-looking statements contained in this press release whether as a result of new information, future developments or otherwise. Marinomed, Marinosolv® and Carragelose® are registered trademarks of Marinomed Biotech AG. These trademarks may be owned or licensed in select locations only.
[1] https://www.dovepress.com/efficacy-of-a-nasal-spray-containing-iota-carrageenan-in-the-postexpos-peer-reviewed-fulltext-article-IJGM
[2] https://www.marinomed.com/en/news/marinomed-biotech-ag-shares-positive-clinical-trial-results-for-iota-carrageenan-nasal-spray-in-the-prevention-of-covid-19-1