Nordic Life Science 1
Coripharma aims to take the positive learnings fr
om Actavis, such as excellence in quality and customer service Iceland has proven successful in the field of R&D development and manufacturing of pharmaceuticals and generics. Invest in Iceland reports that investments in R&D manufacturing within the pharmaceutical industry are continuing to increase in the country. “As a result of all the infrastructure, as well as the knowledge that has been built over the past few years, there are unprecedented opportunities for strengthening and enhancing knowledge in the Icelandic biotech and pharmaceutical industries,” states Jakob Falur Garðarsson, Managing Director of Frumtok, the Icelandic Association of the Pharmaceutical Industry. New companies have also sprung from this excellence. One such example is Coripharma, a pharmaceutical manufacturer based in Hafnarfjordur, outside Reykjavik. 86 NORDIC LIFE SCIENCE “Our idea is to ensure the continuation of the manufacturing of pharmaceuticals in Iceland, and to do so with a competitive edge, based on the experience of the team, our strategic location and high quality of the site,” says Björn Aðalsteinsson, Director of Business Development at the company. The founding of Coripharma began with the acquisition of a production facility with a long and successful history. The plant was first built by Actavis and it played an important role in the growth story of the company when the business expanded from a local manufacturer in Iceland to one of the biggest generics players in Europe and the world. It was later acquired by Teva, as part of its global acquisition of Actavis’ generics business, and subjected to a planned closure in 2016. However, a group of local Icelandic investors and members of the management team of the plant and the commercial units came together with the aim of buying the facility and re-opening it. “In mid-2018 the team finalized the acquisition, after lengthy negotiations with Teva. The investors behind the project are a collection of private equity, including some former top managers of Actavis, as well as institutional Icelandic investors,” says Aðalsteinsson. During 2018 the new company managed to get its production facility up and running, it was re-inspected by the Icelandic Medicine Agency and production began. In addition, in 2019 Teva decided to divest its R&D site in Iceland. This site was adjacent to Corpiharma’s facility and the company saw the opportunity to invest – making the jump from a