Biocodex acquires Algol Pharma
Algol Oy has sold its wholly-owned subsidiary Algol Pharma Oy to Biocodex S.A.S., a multinational specialty pharmaceutical company based in Paris, France. The divestment has been completed on September 9th. In future, the Algol Group will focus on business areas within the fields of chemicals and raw materials, technical products, maintenance and solutions as well as healthcare technology.
- We wanted to simplify the group structure and free up resources for growth and investments in other businesses. We also believe that our pharma business, which has been part of the Algol Group for some 80 years, will benefit from being part of a larger, specialized healthcare business. Biocodex shares much of the values and traditions that have shaped Algol Pharma, and I am confident that our partners, customers and personnel will be in good hands, says Alexander Bargum, Algol Group CEO.
Biocodex is a long-standing business partner and major supplier to Algol Pharma, which gives it a strong foundation as the new owner. Biocodex is also highly committed to developing all other aspects of Algol Pharma’s business, including imports and marketing of other products as well as pharmaceutical services.
Algol Pharma has a turnover of approximately 20 million euros and 54 employees in six countries. Algol Pharma will for the time being continue its operations under its current name, and all of its locations in Finland, Sweden, Norway, Estonia, Latvia and Lithuania will remain unchanged. The personnel will continue in their current positions, with the exception of Managing Director Johan Wulff, who will continue working within the healthcare segment of the Algol Group as Managing Director of Algol Diagnostics and Algol Trehab. The new General Manager for Algol Pharma in the Nordic and Baltic Region will be Tessa Ahosalmi, formerly Sales and Marketing Director of Algol Pharma.
- I am grateful to Johan for his highly successful work in Algol Pharma, and it will be pleasure to continue working with him in his new roles within the Algol Group. I wish Tessa good luck with her new responsibilities in Algol Pharma as part of the international team of Biocodex, says Alexander Bargum.
- With this operation, Biocodex Group confirms its ambition and willingness to set-up local operations through acquisitions when local synergies and people expertise allow it, says Jean-Marie Lefevre, Biocodex Group CEO.
- I am extremely glad to welcome Algol Pharma within the Biocodex International Community. It is a unique opportunity for Biocodex group to expand its presence in the Nordics and Baltics; Finland being an innovative and advanced market in the Probiotic Field, I am sure we will benefit and gain value from this market, says Nicolas Coudurier, Biocodex Vice President International Operations.
Algol is a Finnish family enterprise founded in 1894. Company supplies products and solutions for industry and healthcare. Its organisation of sales and industry professionals serves customers in the Nordic and Baltic countries, in Eastern Europe and in India. The Group's total turnover is expected to reach some 180 million euro this year. (http://www.algol.fi/en/)
Biocodex, a six decades old independent multinational French pharmaceutical company, was built upon the highest standards of science manufacturing and customer service. Biocodex was founded through the discovery of a unique non-pathogenic yeast probiotic drug, Saccharomyces Boulardii CNCM I745, treating gut related malady associated with the disruption of the natural gut microflora. The worldwide organization conducts its business both through affiliates who license our many products, and nine wholly owned subsidiaries. Biocodex revenues reached 260 M€ in 2015. (http://www.biocodex.com/en/)