Ardena acquires Idifarma from Suanfarma and Sodena, adding spray drying technology and high potency capabilities

Gent (Belgium), September 1st, 2021

Ardena, a specialist pharmaceutical Contract Development and Manufacturing
Organisation (CDMO), announced today that it has acquired Idifarma, a leading
Contract Manufacturer of niche and highly potent generic and innovative drugs.
The acquisition from Suanfarma delivers expansion across Southern Europe and
supports Ardena’s strategy to become a leading global CDMO, offering integrated
solutions across the full pharma development lifecycle.

Idifarma, based in Pamplona, Spain, offers a full range of services spanning the
pharma lifecycle from formulation, analytical to manufacturing services for highly
potent drugs. Its capabilities include a platform for an accelerated path to clinic
and innovating spray drying processes to overcome solubility issues. Established
in 2001, and backed by Sodena, Idifarma now has 120 employees.

Harry Christiaens, CEO of Ardena, commented: “At Ardena, our goal is to become
a single source contractor offering an integrated set of services to meet chemical,
pharmaceutical and bio-analytical needs that arise throughout the clinical supply
chain, from lab to patient. This is the main driver of our M&A strategy. We’re
delighted to welcome Idifarma who share the science-led approach needed to
deliver valuable and integrated solutions for our biopharma customers globally.
The combination of Idifarma and Ardena will also create potential to accelerate
growth at the Pamplona facility.”

Commenting on the acquisition, Francisco Fernandez, CEO of Suanfarma added
“Idifarma has been a successful division within Suanfarma for 5 years. However,
Suanfarma’s strategy is increasingly focused on growing our exposure to
ingredients for the pharmaceutical and nutraceutical industries. As a result,
Idifarma is no longer core to our strategy, and it therefore makes sense for us to
dispose of the business to a group capable of maximizing its future potential.”

“Joining Ardena enables us to better serve our customers with broader services
covering API, Drug Product, regulatory CMC, and bioanalysis requirements. With
complementary services and shared experience, we’re delighted to partner with
Ardena, to consolidate our leading position in drug development and clinical supply
services”, explains Alfredo Gomez, CEO of Idifarma.

Harry Christiaens (Ardena) continues: “The Idifarma acquisition expands our
pharmaceutical technology footprint, positioning Ardena to capitalise on the
emerging biotech segment and broader pharmaceutical market. In partnership
with GHO Capital, we will continue to focus on both organic growth and acquisition
opportunities to create an internationally recognised drug development company.”
The acquisition brings the total number of Ardena facilities in Europe to seven,
including its headquarters in Ghent, Belgium, three sites in the Netherlands and
two sites in Northern Europe (Sweden and Latvia).

About Ardena Group

Ardena is a multi-service CDMO, assisting biopharma companies with services
spanning the full development life cycle. The Company offers a comprehensive
‘Make, Analyse, File’ model from drug substance and drug product manufacturing
and bioanalytical services through to regulatory dossier development.

With a strong reputation for quality and a flexible service delivery model, Ardena
caters to a highly diversified base of over 300 customers throughout Europe, the
US, Japan and Korea. A high science approach and broad drug development toolkit
differentiate Ardena from peers as a comprehensive multi-service pan-European
platform. For more information, please visit www.ardena.com.

About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading
specialist healthcare investment advisor based in London. We apply global
capabilities and perspectives to unlock high growth healthcare opportunities,
targeting Pan-European and transatlantic internationalisation to build market
leading businesses of strategic global value. Our proven investment track record
reflects the unrivalled depth of our industry expertise and network. We partner
with strong management teams to generate long-term sustainable value,
improving the efficiency of healthcare delivery to enable better, faster, more
accessible healthcare. For further information, please visit www.ghocapital.com/

About Suanfarma/Idifarma /Sodena

Suanfarma founded in 1993, is a B2B life science partner specialized in
the development, production and commercialization of ingredients for the
pharmaceutical, veterinary and nutraceutical industries. With APIs facilities that
comply with the highest existing regulations in the pharmaceutical industry and
a consolidated and strong commercial network with 12 local offices placed
strategically around the world, Suanfarma provides its services to more than
2.000 active customers in over 70 countries, which offers a global vision of the
pharmaceutical and nutraceutical market in real time.

Idifarma is a leading CDMO invented for potent product R&D and manufacturing
that provides services to over 100 international pharmaceutical companies.
Combining deep expertise and technological capabilities, Idifarma creates
meaningful partnerships built on trust and collaboration to ensure simple, quick
and successful delivery of drug development and manufacturing projects. From
pre-formulation through to clinic, Idifarma offers tailored services under one roof
to develop, scale and manufacture the product across its lifecycle.

Sodena, Sociedad de Desarrollo de Navarra, S.L., set up in 1984 as a regional
state-owned company, is the instrument of the Government of Navarra to attract
and develop value-added business projects for Navarra, supporting them
financially, accompanying and facilitating their location and making their network
of contacts available to them; as well as to coordinate the design and
implementation of the regional Smart Specialization Strategy contributing to
regional development and the creation of quality employment. Its current
portfolio amounts to more than 140 companies; directly or indirectly participated
through seven venture capital funds.

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