Provepharm reinforced its presence in North America by purchasing Apollo Pharmaceuticals, an American company specialized in sterile injectable products for the hospital market. With the purchase, Provepharm, a pharmaceutical company specialized in rehabilitating older molecules, is completing its portfolio of molecules for essential treatments.
The French lab earned renown for purifying and rehabilitating methylene blue, which had been abandoned due to its high toxicity. Nowadays, it is used as an antiseptic and for treating serious blood poisoning. With that one product alone, Provepharm – founded in Marseille in 1998 – became established in nearly three dozen countries and generated €50 million in revenue in 2020 – a 30% increase over 2019.
Provepharm has had a subsidiary in Philadelphia, which focuses on regulatory issues, for several years now. Based in Florida, Apollo will provide it with the marketing base it needed to take on the American hospital market. The American company recently began selling four different injectable products with a wide range of applications: an antibiotic, a hemostatic, a migraine medication and a vasoconstrictor.
The Apollo acquisition offers promising perspectives for Provepharm. The worldwide market in sterile injectable products is expected to grow by 7% a year between now and 2024, according to Fortune Business Insights. In 2019, Provepharm raised €42.5 million to enable diversification.