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In selling its contrast media business, Hovione will focus on API and drug product development and manufacturing.
Hovione has announced its departure from generic contrast media manufacturing to focus on other business segments including contract development and manufacturing of innovative therapies and manufacturing of off-patent APIs. In a March 7, 2018 press statement, the company reported that it concluded the sale of all of the share capital of iMAX Diagnostic Imaging Holding Limited, ending 24 years of supplying iopamidol and iohexol API to the generic industry globally.
The company initiated expansion plans for its API and drug product business in 2016 and said it will focus on drugs that are difficult to make and formulate.
Hovione entered the generic contrast media business in 1993 and in 2007 moved most of its manufacturing to the iMAX factory in China. The business showed a steady profit growth and for most of that period represented the largest tonnage of Hovione’s product portfolio, the company reported.
“Our contrast media business is growing and has many loyal clients that demand high quality, but it increasingly does not seem a good fit with the rest of our activities. The opportunity to sell iMAX with its manufacturing business of APIs and formulated product to a market leader makes sure this business can continue to develop even better. We are convinced that the buyer will be good owner and employer and will continue supplying reliably [to] the great clients that have supported iMAX’s growth.” said Guy Villax, CEO, in the press statement.