Suir Pharma

Background
Suir Pharma was an independent contract manufacturer of generic medicines (film coated tablets, capsules and powders) and penicillin for approx. 40 years. Both the facilities and the resources of the site strategically position Suir Pharma to provide a high-quality, cost-effective contract manufacturing solution for large pharmaceutical companies. Suir Pharma employed around 170 people across the 2 manufacturing units before entering insolvency. Hilco came in and took out all creditors owning the operating assets.

Deal Type
Turnaround in insolvency

Industry
Pharmaceutical

Funding
Transfer of funds in full at closing

Deal Value
> € 3 mln

Diligence to Close
30 days

Duration
6 months

Overview to Completion
Order intake, future cashflow analysis, valuation report of movable assets and set up of legal structure.

What We Did
Hilco was able to apply its expertise in insolvencies and asset valuation to develop and efficiently execute a financial solution that resulted in a multi-million-euro acquisition of the operating assets. The solution was delivered, executed, and completed within a period of 30-days. Within 4 weeks of taking over Suir Pharma we sold the operating assets in its entirety to another Irish CMO (Alby Pharma) who continued production on site and re-hired several former employees.

Conclusion
The creditors as well as the buyer (Alby Pharma) were very satisfied with our flexible and constructive approach. By stepping in we created a situation where the company could ultimately continue again (going concern) in a different form.

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