Recipharm

About Recipharm
Recipharm provides end-to-end development and manufacturing services to some of the leading Pharmaceutical and Biotech companies globally and serves as a reliable partner across the key stages of Pharma production. Recipharm is a global Specialty CDMO focused on attractive growth niches including high-potency small molecules, lyophilization, pre-filled syringe technologies and mRNA, leveraging its leading positions in oral solid dosage, sterile fill & finish and advanced therapeutics.

Recipharm today employs more than 5,000 employees in Europe, the US and India. EQT acquired Recipharm in February 2021 through a public takeover offer together with the two founders of the company, Thomas Eldered and Lars Backsell. In February 2022, Recipharm announced its three acquisitions into the advanced therapeutics’ market. In April 2024, the inhalation and advanced delivery service business unit Bespak was carved-out from Recipharm to form a separate EQT portfolio company, to increase strategic focus and exit route flexibility for both Recipharm and Bespak.

Market Trends and Drivers
Recipharm is well positioned in the large and fragmented global CDMO market showing long-term underlying growth supported by several global mega trends such as i) healthcare demand-driven underlying volume growth, ii) growth in development spend as molecules need advanced formulations, and iii) a continued outsourcing trend, primarily across small/specialty pharma and for high-potency drugs.

Investment Potential
Large and fragmented CDMO market with sustainable, mid-single digit growth supported by global mega trends

Leading European CDMO, representing a sizable platform well positioned to drive continued growth

Differentiated production capabilities and recognized for high quality and technical capabilities and stable, blue chip customer portfolio

Primary acquisition of a founder-run business with tangible value-creation opportunities both in terms of continued growth and operational improvements