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Formycon Raises Fresh Capital To Drive Biosimilar Development

Funding For COVID-19 Also Received

 
• By Dean Rudge

German biosimilars firm Formycon has raised tens of millions of euros through an issue of new shares, with the cash earmarked for its burgeoning pipeline of wholly-owned biosimilars, including a Lucentis (ranibizumab) candidate being developed with Coherus.

Euro currency
The €25.75m investment will go towards biosimilar investment • Source: Shutterstock

Formycon has raised €25.75m ($30.2m) through a share issue, pledging to use the funds “for the expansion and further development of the company’s own product pipeline,” including its primary strategic focus of biosimilars.

The German company has issued 1,000,000 new shares to the Active Ownership Group – which specializes in medium-sized German, Austrian, Swiss and Scandinavian investment

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