SIFI Merges with Faes Farma to Expand Global Access to Akantior, First Approved Therapy for Rare Eye Infection
核心洞察
SIFI, a leading international ophthalmic company, has agreed to merge with European pharmaceutical company Faes Farma in a transaction that positions ophthalmology as approximately 20% of the combined entity's pro-forma revenue.
The merger will accelerate development of Akantior (polihexanide 0.08%), the first and only approved therapy worldwide for Acanthamoeba Keratitis (搜索), particularly targeting expansion into the US market where it has orphan drug designation.
The combined entity will leverage commercial synergies across complementary markets in Europe and Latin America, while also advancing polihexanide development for additional orphan indications including Fungal Keratitis (搜索).
SIFI, a leading international ophthalmic company headquartered in Italy, has announced a strategic merger with Faes Farma, a European pharmaceutical company listed on the Spanish stock exchange. The transaction, which involves the sale of 100% of SIFI shares to Faes Farma, is designed to create one of the most comprehensive ophthalmology portfolios in the industry and expand global access to SIFI's innovative product pipeline.
Strategic Positioning in Ophthalmology Market
The merger positions ophthalmology as a pivotal therapeutic area for the combined entity, representing approximately 20% of its pro-forma revenue. This integration validates SIFI's unique business model, which centers around consolidated pharmaceutical and surgical units, combined with fast-growing contract manufacturing and rare diseases divisions.
The combined entity will facilitate entry into new high-growth regions across Europe, including Italy, France, Romania, and Turkey, while strengthening presence in existing markets such as Iberia, Mexico, and Latin America. Product integration is expected to unlock cross-selling opportunities and improve growth margins through operational and cost efficiencies.
Akantior: Breakthrough Treatment for Ultra-Rare Disease
Central to the merger's value proposition is SIFI's Akantior (polihexanide 0.08%), the first and only approved therapy for Acanthamoeba Keratitis (搜索) (AK) anywhere in the world. The drug is approved by the European Medicines Agency (搜索) (EMA) and United Kingdom's Medicines & Healthcare products Regulatory Agency (MHRA) for treating AK in adults and children aged 12 and older.
Acanthamoeba Keratitis (搜索) is an ultra-rare, severe, and progressive corneal infection affecting approximately 3,000 patients annually in Europe and the United States. Akantior was launched in Germany in October 2024, with pricing and reimbursement procedures currently underway in other European countries. The drug is also in the pre-registration phase with the FDA and has received orphan drug designation in the United States.
Expanding Pipeline Development
The Group plans to invest in further development of Akantior into existing and new geographies, with particular focus on the US market. Additionally, polihexanide will soon begin clinical development for Fungal Keratitis (搜索), following promising preclinical data and the granting of orphan drug designation in both Europe and the US.
This pipeline expansion represents a significant opportunity to address additional unmet medical needs in rare ophthalmic conditions, leveraging the established safety and efficacy profile of polihexanide.
Manufacturing and Operational Synergies
SIFI will continue operating its two state-of-the-art manufacturing plants in Aci S. Antonio, Italy, focused on production of ophthalmic medications and intraocular lenses. These facilities will optimize the Group's industrial capabilities and enhance operational efficiency, supported by recently secured long-term contract manufacturing agreements with significant recurring revenue potential.
The integration with Laboratorios Edol (搜索), a leading Portuguese pharmaceutical company recently acquired by Faes Farma, creates additional portfolio synergies and strengthens the combined entity's market position.
Leadership Perspectives
Fabrizio Chines, CEO of SIFI, emphasized the cultural alignment between the companies: "Faes Farma shares similar values, culture and is highly complementary to our organization, which is set to become the pillar of the enlarged group's ambitious strategy in ophthalmology, a therapeutic area where the SIFI brand is synonymous with quality, innovation and long-term commitment."
Eduardo Recoder de la Cuadra, CEO of Faes Farma, highlighted the strategic value: "We are impressed with the strength of SIFI's business model and the capabilities of its management team. This transaction strengthens our position in ophthalmology, a therapeutic area with significant growth potential, and accelerates our international expansion with direct access to new markets in Europe."
Transaction Details
The transaction values SIFI at an upfront Enterprise Value equal to a double-digit multiple of 2024 EBITDA, plus earn-outs linked to certain regulatory and commercial milestones related to Akantior. The deal is expected to close in the third quarter of 2025, subject to customary approval by competition and foreign investment authorities and the extraordinary shareholders' meeting of Faes Farma, scheduled for July 2025.
Evercore Partners International and Mediobanca served as exclusive financial advisors to SIFI's shareholders, while J.P. Morgan SE acted as Faes Farma's exclusive financial advisor and debt financing provider.