Creation of a SPAC dedicated to the manufacture of biopharmaceutical products in Paris | Photo credits: Bayer AG
by Natalie Grover
May 9 (Reuters) – Former head of Bayer’s diabetes business Michael Kloss, ex-Sanofi executive Gerard Le Fur, co-founder of investment firm eureKARE Alexandre Mouradian and other entrepreneurs have announced on Monday the creation of a SPAC dedicated to bioproduction.
Baptized “eureKING”, the SPAC wishes to raise 150 million euros by entering the Paris Stock Exchange in order to become a major player in Europe in the field of outsourcing the shaping and manufacture of biopharmaceutical products.
“We are delighted to present today the strategy and ambition of eureKING, whose main mission will be to support the development in Europe of one of the most promising sectors of the healthcare industry”, declared its chief executive, Michael Kloss, in a statement.
The segments of the biopharmaceutical industry targeted by eureKING are the production of biologics, cell and gene therapies and live biotherapeutics.
According to the CEO of EureKING, SPAC is targeting the acquisition of approximately three European pharmaceutical outsourcing companies (CDMOs), each of which generates nearly €50 million in annual revenue.
A SPAC (“Special Purpose Acquisition Company”) is a company with no operational activity whose securities are issued on the stock exchange for a limited period with the aim of carrying out one or more acquisitions in a particular sector. (Report Natalie Grover, French version Anait Miridzhanian, edited by Jean-Michel Bélot)