NY-IFF
19.3.2024 11:46:34 CET | Business Wire | Press release
IFF (NYSE: IFF) today announced that it has entered into a definitive agreement to sell its Pharma Solutions business unit to French leader of plant-based ingredients Roquette for an enterprise value of up to $2.85 billion, which represents an enterprise value to EBITDA multiple of approximately 13x. IFF’s Pharma Solutions business is a well-established developer and manufacturer of pharmaceutical excipients and includes its Global Specialty Solutions business supporting industrial and methyl cellulosic food applications. The Pharma Solutions business being sold to Roquette is primarily made up of businesses within IFF’s existing Pharma Solutions division, with some adjustments to the perimeter of the transaction designed to align customers, businesses and the manufacturing footprint.
“We are pleased to reach an agreement with Roquette that will support Pharma Solutions’ next chapter of growth as a trusted partner for the pharmaceutical industry,” said IFF CEO Erik Fyrwald. "An important next step in our portfolio optimization strategy, the sale of Pharma Solutions, along with other recent actions such as our dividend rightsizing, represents a significant step towards our commitment to reducing debt leverage to 3.0x or below. This also enables us to increase focus on the core drivers of long-term profitable growth and maximize value for our shareholders. We are grateful for the many contributions of our Pharma colleagues and are confident that with Roquette, the Pharma Solutions business will be well positioned to expand its industry leadership through continued investment in innovation to meet the evolving needs of pharmaceutical manufacturers and developers worldwide.”
"We are excited to enter into this partnership with the talented Pharma Solutions team at IFF, which has grown into the go-to partner in the pharmaceutical excipients and specialty solutions markets globally,” said Pierre Courduroux, CEO of Roquette. “The combination of our excipients expertise with IFF Pharma is a fantastic opportunity to become a true global specialist of drug delivery and oral dosage solutions, responding to the needs of our customers and to the demands of patients who are looking for continuously better treatments.”
Pharma Solutions operates 10 research and development and/or production sites globally, with approximately 1100 employees, and generated approximately $1B revenue in 2023. IFF and Roquette expect to close the transaction in the first half of 2025, subject to applicable information and/or consultation requirements and customary closing conditions, including regulatory approvals. J.P. Morgan Securities LLC acted as exclusive financial advisor to IFF, Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel, and Evercore as advisor to the board.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240318143532/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Seoul Semiconductor Secures Permanent Injunction in India Following Rulings in Europe and the United States12.8.2026 15:00:00 CEST | Press release
Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890, hereinafter 'Seoul') and its affiliate Seoul Viosys Co., Ltd. (KOSDAQ: 092190), global opto-semiconductor technology companies, have obtained a permanent injunction enjoining infringement of Seoul’s opto-semiconductor patents in India, following similar injunction rulings in Europe and the United States. The Delhi High Court extended the injunction to the managing director as well. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260812490873/en/ Patented opto-semiconductor light-output enhancement technology applied in the lawsuits (left) and WICOP technology (right) (Graphic: Seoul Viosys) These rulings are expected to significantly impact the global opto-semiconductor industry, a market worth roughly USD 200 billion that is expanding from automotive lighting and displays into optical communications for AI applications. In India, Seoul Viosys won a final judgment against Ornate
Rimini Street Expands C-Suite Leadership for Growth with Appointment of Two Proven Industry Veterans as Chief Operating Officer and Chief Delivery Officer12.8.2026 15:00:00 CEST | Press release
Rimini Street appoints Keith Costello as EVP and Chief Operating Officer and Alexander Guasch as EVP and Chief Delivery Officer Rimini Street, Inc. (Nasdaq: RMNI), the Software Support and Agentic AI ERP Company™ and the leading third-party support provider for Oracle, SAP and VMware software, today announced the appointment of Keith Costello as chief operating officer (COO) and Alexander Guasch as chief delivery officer (CDO). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260812127732/en/ Rimini Street Expands C-Suite Leadership for Growth with Appointment of Two Proven Industry Veterans as Chief Operating Officer and Chief Delivery Officer New COO Brings Proven Experience Scaling Organizations for Growth Keith Costello brings decades of experience building and scaling global enterprise software and services organizations, including leading teams of tens of thousands and managing businesses generating billions of dollars i
Brightfin Helps Federal Agencies Plan IT Finances Faster and Cut Telecom Costs Through Knox’s FedRAMP Platform12.8.2026 15:00:00 CEST | Press release
Partnership gives government organizations a compliant path to faster financial planning, more strategic decision-making, operational efficiency, and lower IT and telecom costs Brightfin today announced that its technology spend management solutions are now available to U.S. federal agencies through Knox’s FedRAMP Authorized cloud platform. Deploying on Knox gives public sector organizations a compliant path to faster financial planning cycles, more strategic decision-making, and lower IT and telecom costs, the same discipline commercial enterprises rely on. Brightfin is actively working with Knox toward achieving FedRAMP certification. Federal agencies have long struggled with IT spend data that is siloed and disconnected, limiting their ability to manage hardware and software assets and their associated costs. The result is a reactive posture, scrambling to keep pace with evolving government requirements rather than getting ahead of them. Built natively on ServiceNow, Brightfin turns
illumynt Appoints Matt Popieniuck as Vice President of Customer Success & Delivery12.8.2026 14:00:00 CEST | Press release
28-year Dell Technologies veteran, most recently leading services sustainability strategy, joins to own end-to-end program execution as illumynt scales its AI hardware lifecycle business illumynt, a technology-driven leader in AI hardware lifecycle recovery and IT asset disposition (ITAD), today announced that Matt Popieniuck has joined the company as Vice President of Customer Success & Delivery, effective August 2026. He reports to CEO Jörg Herbarth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260812482293/en/ Matthew Popieniuck, Vice President of Customer Success and Delivery. Popieniuck joins illumynt after 28 years at Dell Technologies, where he progressed from group leadership through senior and principal program management roles before moving into services sustainability strategy. In that most recent chapter, he worked on the question now driving illumynt's market: what happens to enterprise technology after its fi
Ant Group launches AQ for Doctor, bringing an AI-powered workstation to millions of physicians12.8.2026 13:44:00 CEST | Press release
Ant Group today officially upgraded its physician platform, Haodf for Doctor, into AQ for Doctor, an AI-powered workstation designed to support physicians across every stage of clinical practice—from online consultations and patient management to clinical decision support and medical research. The platform is fully integrated with Ant Group's flagship AI health app, AQ, which serves more than 100 million users as of August 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260812917154/en/ Ant Group launches AQ for Doctor, bringing an AI-powered workstation to millions of physicians. Connecting doctors and patients through one AI platform "AI will never replace doctors," said Zhang Junjie, Vice President of Ant Group and Head of the Health Business. "But AI can become a trusted assistant for healthcare professionals. Our goal is to build a reliable and practical AI workstation for China's more than five million physicians—
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom