Provepharm Life Solutions, a Marsille, France-based pharmaceutical company that finds new applications for known molecules, raised €120M in funding.
Tikehau Capital will provide the funds joining the group’s pool of banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance.
The company intends to use the funds to consolidate its position as an international and independent pharmaceutical group, specifically by hiring new staff in France and the United States, and 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 for redefining purity requirements for active ingredients and maximizing their therapeutic potential, allowing it to explore new and untouched indications. Provepharm’s strategy first bore fruit with the development of a new and patented method for synthesizing methylene blue. This new active ingredient enabled the company to obtain marketing authorizations in over 30 countries and to pursue its expansion internationally.
The company, based in Marseille (France) and Philadelphia (USA), has over 90 staff, recorded turnover of €48.5m ($57.5M) in 2020. After raising €42.5m ($49.8M) in 2019, it received a further investment of €120m ($142.3M) in September 2021 from Tikehau Capital, which joined its group of historical banking investors, including Société Générale, BNP Paribas, Banque Populaire Méditerranée, Crédit Agricole Alpes Provence and Bpifrance.