Provepharm Life Solution raises € 120 million in financing
Provepharm Life Solutions, a pharmaceutical company based in Marsille, France, which is finding new applications for known molecules, has raised 120 million euros in funding.
Tikehau Capital will provide the funds joining the group’s pool of banking investors, including Societe Generale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance.
The company intends with these funds to consolidate its position as an international and independent pharmaceutical group, in particular by hiring new employees in France and the United States, and by increasing the size of its laboratories in Marseille.
Founded in 1998 and led by Michel Feraud, CEO, Provepharm Life Solutions finds new uses for mature molecules, in particular antidotes and surgical dyes. The company’s platform is used to redefine the requirements for the purity of active ingredients and maximize their therapeutic potential, allowing it to explore new and untouched indications. Provepharm’s strategy first bore fruit with the development of a new patented method for synthesizing methylene blue. This new active ingredient has enabled the company to obtain marketing authorizations in more than 30 countries and to continue its international expansion.
The company, based in Marseille (France) and Philadelphia (United States), employs more than 90 people, achieved a turnover of 48.5 M € (57.5 M $) in 2020. After raising 42.5 M € (49.8 M $) in 2019, it benefited from a new investment. € 120 million ($ 142.3 million) in September 2021 from Tikehau Capital, which joined its group of historic banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance.