The acquisition of US company Stemline Therapeutics: a brave move that rewards Menarini at M&A Award 2021
2020 has been an unprecedentedly arduous year around the world.
Many industrial sectors – including pharmaceuticals and healthcare – have been affected by the pandemic. In such a delicate context, undertaking a $677 million operation by purchasing 100% of the shares of a major US biopharmaceutical company was a bold move, that allowed Menarini Group to receive the prestigious M&A Award 2021 for the “Italy acquires Abroad” category.
The U.S. biopharmaceutical company Stemline Therapeutics was acquired in June 2020.
It was founded in 2003 and focused on cancer treatments, based in New York and formerly quoted on NASDAQ.
This strategic move was acknowledged by a selected jury at the XVII edition of the M&A Award, an initiative founded by KPMG and Fineurop Soditic, which took place virtually on 13th May 2021.
The event was promoted by KPMG and Fineurop Soditic, in collaboration with AIFI and Bocconi University, to enhance the best M&A transactions concluded on the Italian market, and was broadcast by Class CNBC and live streaming on milanofinanza.it and currently available at this link.
The prize was conferred to CEO and Board Member of Menarini Group Elcin Barker Ergun, who commented: «We feel extremely proud to have been awarded with this accolade in recognition of our acquisition of Stemline and the growth and expansion possibilities that this acquisition has brought with it. Stemline’s world class R&D capabilities will help Menarini bring forth new and innovative therapeutics, for the benefit of patients suffering from cancer».
In the middle of a global pandemic, Menarini wanted to expand its research and development capabilities, strengthening even more its commitment in the oncology field.
For 135 years, Menarini Group has been investing in research in many therapeutic areas, from treatment for heart and respiratory diseases to infectious diseases, and is strongly committed to the development of effective cancer treatments with several new experimental drugs developing for the treatment of various types of cancer, such as breast and colon cancer.
The acquisition of Stemline Therapeutics marked the entry of Menarini into the American biopharmaceutical oncology field and strengthened the Group’s presence in the USA, increasing its research and development capacity in the field of oncology with a product already approved and marketed in the United States for a rare form of blood cancer.
The brave investment by Menarini Group in the US was recognized by the Mergers and Acquisitions (M&A) report of KPMG Corporate Finance, which operates as a network of member firms offering audit, tax and advisory services in over 146 countries throughout the world and with 227,000 professionals. The Network has been operating in Italy since 1958. Today, with more than 4,000 professionals and 200 Partners operating in 25 major Italian cities, over 6,000 clients and a full service portfolio which addresses national and international markets’ requirements, it is recognized by its stakeholders as the most important provider of professional services in the country.
KPMG provides an overview of the M&A activity carried out both globally and in Italy, with insights on the sector trends, the main transactions for counter value and the “direction” of transactions (in all categories).
In recognition of the bold move, «The Jury decided to acknowledge one of Italy’s leading pharmaceutical companies, Menarini, for their acquisition of U.S. company, Stemline Therapeutics, and for having demonstrated entrepreneurial courage in continuing its growth through international acquisitions, despite the difficulties deriving from the pandemic», commented the event organizers, KPMG and Fineurop Soditic.
Since 1988, the M&A report of KPMG Corporate Finance analyzes the merger and acquisition processes between companies to make available to the business community a useful tool for understanding the main market trends. It is the most comprehensive source of information available on the Italian M&A market, built on a single database for depth and width, which allows multidimensional analysis of consolidation processes between companies.
After the difficult months of pandemic, with many frozen or postponed operations, for the Italian market finally returns the desire of M&A and alongside people and society, Menarini has bravely shown to pursue tenaciously its mission: investing in the future and in a better life quality.