SOLVO: Strategic investor obtains majority of shares in globally leading Hungarian biotechnology company
- March 23, 2018
Budapest, 19 March 2018. – French Citoxlab Group has obtained majority shares in SOLVO Biotechnology, a Hungarian company that is a global leader in the field of transporter proteins.
SOLVO Biotechnology, with its headquarters in Szeged, was founded in 1999, and does R&D in areas of pharmaceuticals, biotechnology and diagnostics; the company was the first to commercialize products and services related to drug interactions with membrane transporter proteins and has gained a global leading position in this field. SOLVO owns more than a dozen patents and serves the world’s largest pharmaceutical and biotech companies. The transaction will enable the company to enter the market of drug metabolism which will provide a basis for further growth.
Citoxlab – one of the 5 largest pharmaceutical providers – is a global leader in the field of toxicology research, with operations in France, the USA, Canada and in Veszprem, Hungary.
Management will keep minority ownership of SOLVO and remain intact. Over 10% of Solvo’s emloyees are foreign researchers from Japan, US, UK and the Netherlands. SOLVO has published twice as many peer reviewed articles as their direct competitors. The company has also attracted back to Hungary some Hungarian researchers working abroad.
„Currently we have more than 600 customers in around 40 countries, and have laboratories both in Szeged and Budapest. Half of our revenues comes from the US, where we have had a subsidiary since 2013 – said Ernő Duda, the president and CEO of SOLVO. The professional background of Citoxlab will enable us to enter the area of metabolism research, I’m sure that together we will gain significant success in this new market. I’m proud that SOLVO, a Hungarian SME has gained global leadership in its field.”
SOLVO was named one of the fastest growing technology SMEs in Central and Eastern Europe by Deloitte twice, in 2005 won the Hungarian Innovation Grand Prize and in 2006 the Company of the Year Award. The company cooperates with more than 50 Hungarian and international universities.