Kartesia, a European specialist provider of capital solutions for small and mid-sized companies, says it has completed a 12 million-euro ($14.6 million) capital increase in ADL Biopharma has become the sole shareholder of the Spanish biopharmaceutical company, which focuses on the development and production of active pharmaceutical ingredients (APIs) and specialty ingredients.
On October 1, 2020 Kartesia reached an agreement with former shareholder ADL Bionatur Solutions and former ultimate owner BTC. It included a new tranche of 5 million euros made available at closing by Kartesia for the general corporate purposes of ADL that was fully drawn weeks thereafter, and a capital increase of at least 10 million to be completed before year-end, pro rata of the stake of each party. The total capital increase approved was enlarged by 2 million euros to fund committed investments in additional production capacity for a new client.
In addition, the board of directors has been reduced to three seats, comprising the independent directors already appointed on October 1, 2020: Raúl Crespo, Ignacio Urbelz and Mirco Iwan.
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