France: Novalpina acquires Laboratoire XO

British mid-market investment firm Novalpina has acquired French speciality pharma business Laboratoire XO.

Financial terms have not been disclosed.

Founded in 2015 and based in Saint-Cloud, Laboratoire XO develops prescription medicines to treat chronic diseases. Its focus is to sell and market original drug brands.

The company outsources its drug production to API manufacturers and CMOs primarily based in Europe.

“Starting from small beginnings in 2015, I am proud to have grown XO into a fast-growing niche-player in branded pharmaceuticals,” said founder Gerard Leduc.

“With our strong base in the French market, we see tremendous opportunity for continued growth both in France and internationally,” he added.

The company said that its objective is to accelerate growth with an aggressive European acquisition strategy. “Novalpina Capital’s support accelerates our aim to grow our product portfolio through acquisitions, expand into new strategic markets, and deepen the French market for our existing drugs,” said chief executive and co-founder Karine Pinon.