Worg Pharmaceuticals, a Hangzhou-based developer of allergic drugs, has formally entered the Spanish market by obtaining the necessary regulatory approval and completing the acquisition of local biopharmaceutical company Diater from fund manager Nazca Capital for approximately EUR 150 million (USD 160 million). This strategic move marks a significant expansion for Worg Pharmaceuticals into the European market.
Financial Details and Projections
The newly acquired firm, Diater, reported a turnover of EUR 23 million (USD 25 million) in 2022 and is projected to achieve a turnover of EUR 26 million (USD 28 million) this year. This acquisition follows Nazca Capital’s 2019 purchase of 85% of Diater’s stocks in a transaction valued at EUR 45 million (USD 50 million).
Diater’s Specialization and Products
Diater, the Spanish biopharmaceutical company, specializes in allergic diseases and offers a comprehensive range of diagnosis and treatment products, including allergy antigen immunotherapy. This expertise aligns with Worg Pharmaceuticals’ focus on allergic drug development, making the acquisition a strategic fit.
Worg Pharmaceuticals’ Financial Strength
According to Fineline Info & Tech data, Worg Pharmaceuticals bolstered its financial position earlier this year by raising RMB 1.1 billion (USD 152 million) through a Series C financing round. This funding supports Worg’s expansion efforts, including the acquisition of Diater, and underscores the company’s commitment to growth in the global pharmaceutical market.-Fineline Info & Tech
