Viessmann and Armira acquire minority stake in European pharmaceutical developer and manufacturer PharOS
By safeguarding access to high-quality and affordable healthcare, PharOS directly contributes to Viessmann’s purpose of co-creating living spaces for generations to come.
October 24, 2024 – The Viessmann Generations Group (“Viessmann”), a purpose-driven family company with a heritage of 107 years, has acquired a significant minority stake in European pharmaceutical developer and manufacturer PharOS as part of a shareholder consortium with the investment holding Armira. The investment underscores Viessmann's strategic focus on long-term value creation by reinforcing key industries for the wellbeing of future generations. PharOS contributes to this purpose by safeguarding the access to high-quality and affordable healthcare in Europe.
Headquartered in Metamorfosi on the outskirts of Athens, Greece, PharOS is a pharmaceutical company that develops, manufactures and supplies generics, over-the-counter and value-added products. The company focuses on hard-to-make generic drugs for key treatment areas such as oncology, central nervous or cardiometabolic diseases. With a global portfolio of more than 100 products and over 9,200 marketing authorizations worldwide, PharOS serves the world’s leading pharma companies for critical treatment areas, backed by a strong European manufacturing footprint and a resilient supply chain.
Drug shortages are at historical highs in the US, in Europe and other markets, driven by a heavy reliance on pharmaceutical products manufactured in Asia which leads to fragile supply chains due to geopolitical tensions and regulatory challenges. Local production is therefore of critical strategic value to Europeans.
Max Viessmann, CEO of Viessmann: “Our entrepreneurial activities aim to strategically elevate essential areas that are crucial for the well-being of future generations. Generic medicines make up the backbone of affordable global pharmaceutical care. With our investment in PharOS we want to contribute to a more stable, independent and resilient European supply of affordable and effective treatments for life-threatening diseases.”
Theodore Panagopoulos, Partner at PharOS: “We are pleased to welcome Viessmann and Armira as our new partners. Their long-term commitment to providing high-quality, affordable and effective healthcare solutions aligns seamlessly with our own mission. Together, we are poised to strengthen our impact and advance healthcare across the world”.
PharOS is uniquely positioned to succeed in the multi-billion Euro market for oral-solid generics, OTC and value added medicines. The company has a strong focus on innovation and R&D with an end-to-end offering of complex products – ranging from smart patent scouting, dossier development, dossier registration and manufacturing. Thereby, PharOS creates additional value for customers by proactively contributing to their pipeline.
PharOS employs around 400 people and is led by its proven and passionate founder team, who are invested as majority shareholders.
About Viessmann Generations Group
Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose "We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, CO2 reduction and CO2 capturing.
About Armira
Armira is a leading investment holding focusing on direct equity investments in medium-sized, profitable family businesses and ambitious growth companies in DACH, Northern Italy and beyond. Armira is backed by an exclusive investor base of families, entrepreneurs, and entrepreneurial capital for trusted partnerships with a long-term horizon.
About PharOS
PharOS is a pharmaceutical company that develops, manufactures and supplies generics and value-added products. With a global portfolio of more than 100 products and over 9,200 marketing authorizations worldwide, PharOS serves the world’s leading pharma companies for critical treatment areas.
Press Contact:
Viessmann
Byung-Hun Park
Vice President Corporate Communications
E: huni@viessmann.com
M: +49151-64911317
Armira
Désirée Ball
Chief People Officer
E: desiree.ball@armira.de
T: +49 (0)89-3303565202
