Hovione Sells the iMAX Business

HONG KONG, March 7, 2018 /PRNewswire/ -- Hovione announces that it has concluded the sale of all of the share capital of iMAX Diagnostic Imaging Holding Limited. For Hovione this sale marks the end of a 24 years history of reliable and uninterrupted supply of iopamidol and iohexol API to the generic industry globally.

Hovione entered the generic contrast media business in 1993 and in 2007 moved most of its manufacture to the iMAX factory in China because its capacity in Europe was no longer able to meet clients' demand. This business continued to show a steady profitable growth and for most of that period represented the largest tonnage of Hovione's product portfolio. Over the course of these 20 years formulations containing Hovione's contrast media have been supplied to the growing markets of Asia and have included Japan's best selling generic medicine.

Faced with considerable opportunities in both the contrast agents business and all its other segments, Hovione decided to focus on its CDMO business, on its off-patent business supplying highly specialized APIs and to exit the large volume business of contrast media. The very significant expansion plans that Hovione has embarked upon since 2016 require all of our attention.

"Getting into iopamidol and iohexol was a decision we took in 1993. Today Hovione's strategy focuses on difficult to make and difficult to formulate products, supplied to demanding markets, serving innovative clients. 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 the great clients that have supported iMAX's growth," said Guy Villax, CEO.

About Hovione
Hovione has over 57 years of experience as a CDMO and is currently a fully integrated supplier offering from drug substance to drug product intermediate to drug product. With four FDA inspected sites in the US, China, Ireland, and Portugal, and development laboratories in Lisbon and New Jersey, the company provides branded pharmaceutical customers services for the development and compliant manufacture of innovative drugs and is able to support highly potent compounds. For generic pharmaceutical customers the company offers niche off-patent API products.
In the inhalation area Hovione is the only independent company offering a complete range of services.
Please visit www.hovione.com.

Isabel Pina, Director of Corporate Communications
Tel.: +351-21-982-9362

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SOURCE Hovione