Ergon is a disciplined and discreet value investor, which provides "patient and friendly capital"


> Date of Investment: 2007-2011
> Exit: February 2014
> Region: Germany/Italy
> Sector: Healthcare
> Website:
> Sales: €130MM

With operating companies in Pavia (Italy) and Raubling (Germany), Zellbios is a leading manufacturer of niche Active Pharmaceutical Ingredients (APIs), mostly off-patent, serving the worldwide pharmaceutical markets. Zellbios employs 680 people, has production facilities in Germany, Italy and India

Zellbios is the result of the 2011 merger between Farmabios and Pharmazell, two highly specialized API players:

  • Farmabios focuses on the production of highly specialized APIs, characterized by low volume, high margin and high complexity: (i) sterile and non sterile steroids, (ii) sterile and non sterile cephalosporins, (iii) highly potent substances (HPS) and (ii) antineoplastics
  • Pharmazell focuses on the production of niche APIs, with a global leading market position and high barriers to entry such as (i) 5-ASA derivatives and (ii) cysteine derivatives

In August 2007, Ergon acquired Farmabios from its founder and, in 2011, acquired Pharmazell to form Zellbios

In February 2014, Zellbios was sold to Deutsche Private Equity (DPE)