Egypt's Minapharm takes 95% stake in Germany's ProBioGen for around $37 million

Egyptian drugmaker Minapharm Pharmaceuticals says it has completed the acquisition of 95% of the share capital of ProBioGen AG, a German cell line development and contract manufacturing specialist. The total purchase price of 30.4 million euros ($36.8 million) includes earn-out payments which are conditional upon the achievement of defined milestones.

The companies have already been working together since 2007, when they entered into two separate agreements to develop two therapeutic proteins. In the first agreement, ProBioGen was to apply its proven cell generation process for biopharmaceutical cell lines. Minapharm, via its subsidiary Rhein-Minapharm-Biogenetics would carry out the pertinent process R&D, production and commercialization of the target therapeutic proteins.

Under the new deal, ProBioGen, a venture capital-based Berlin-based firm, will continue to be a committed technology and service provider for its global biopharmaceutical clients. The company will also continue to develop proprietary technologies in the field of biopharmaceutical products and is expected to emerge from this transaction in a stronger position to deliver value to its customers due to the complementary expertise between the two companies.