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DIRECTOR FILIPPO ASTONE
Molteni production
The manufacturing transformation of Molteni, between 4.0 and lean
12 January 2018
by Laura Magna ? Among the main players in the national pharmaceutical industry, the Tuscan company, now in the Elite of Borsa Italiana, highlights its international presence by focusing on innovative opioid-based drugs and on the digital transformation
Treating pain and drug addictions with innovative opioid-based drugs that are produced in a LEAN-based facility in Italy, is the core business of Molteni Farmaceutici . Today Molteni Farmaceutici has about 280 highly specialized employees of which 40% are engaged in production and 10% in development and research; the expected turnover for the current year is 75 million euros, with expectations for the next three years of a composite annual growth rate of 9.1% for the period 2017-2020. «That in a nutshell means a turnover of 100 million and a consolidated Ebitda around 17.5.5% », he says aItalian Industry CEO Giuseppe Seghi Recli, which, with the business plan published at the end of 2017, aims to straight ahead on internationalization.
In 2016, the percentage of turnover achieved on foreign markets amounted to 19% and is expected to grow by up to 22% in the current year , "to five years, or even beyond the horizon of the business plan, to a 30 % ». Today Molteni is present in 25 countries and in addition to the Tuscan production center it has a commercial office in Milan and a plant in Krakow that serves as a bridge to Eastern Europe; moreover, since 2016 it has established a joint venture in Great Britain, as a basis for regulatory support and implementation of marketing and sales activities in that area.
Giuseppe Seghi Recli
GIUSEPPE SEGHI RECLI, CEO OF MOLTENI FARMACEUTICI
To get here "it took over a century and the succession of three families of entrepreneurs driving, families who have gradually given an industrial structure in the unique production site of Scandicci, which evolved from a small workshop to a shed modern and automated, "says Seghi Recli. «Today we produce, in the pharmacological world of opiates, sterile injectable vials, oral fialoids, syrups, topical and nasal sprays, with a capacity of over 10 million vials per year for oral solutions and about 20 million vials a year . The center of Scandicci, which covers an area of 10 thousand square meters , is a reference, not only national, in the sector ». The new three-year business plan also includes integration into ERP SAPof all the main processes, investing significantly on compliance systems. We'll talk about this later with the Quality Director. First let's focus on the latest news concerning the business.
Elite and the system minibond
First of all, obtaining the Elite Certificate , which represents a turning point for Molteni. "Because it was a process of growth, especially cultural, which lasted 18 months and involved all the main tools of corporate governance. This milestone represents for us an important starting point that strengthens our identity even more and that will allow us to invest more and more significant skills and resources, in support of our business model ", says Seghi Recli.
As a second novelty, it should be noted that in the Elite context, in December, the company also participated in Elite Basket Bond , in fact the first system financial transaction in Italy. Basically it is the issue of a ten-year bond, which involves ten Elite companies. «The total value of bonds issued is 122 million euros, of which 10 million are attributable to Molteni Farmaceutici. The transaction, which sees the EIB , the European Investment Bank, and the Cassa Depositi e Prestiti ( CDP ) as the main investors , was structured by Banca Finint , through its subsidiary FISG. The bonds were underwritten by a Special Purpose Vehicle (SPV) which in turn issued new securities, guaranteed in a mutual form by the issuing companies. The resources collected will allow us to give further impetus and concreteness to the industrial plan ".
The blockbuster that will revolutionize addiction treatment
The third - and most important - novelty, which more closely concerns production, is the signing of a binding agreement with Titan Pharmaceuticals , a US pharmaceutical company listed on the Nasdaq and specializing in the development of therapeutic solutions for the treatment of specific chronic diseases through ProNeura ™, proprietary technology of long-term release drug delivery. "This is a revolutionary product because it provides a subcutaneous implant that releases a low dose of the active ingredient for a period of six months, compared to the products in use today for the treatment of opiate addictions that must be taken every day (see methadone , ed): the scale of change is enormous, especially because we are talking about patients who are often difficult to persuade to undergo treatment because they are suffering from serious addictions. For us, this market can be fully operational, if the authorized procedure takes place on time and if we can sell in the entire area covered by the agreement, at least 20 million euros ", says the CEO.
With this agreement Molteni has become the exclusive licensee of the sale of Probuphine for the European Union (including Great Britain and Northern Ireland), Switzerland, Norway, Iceland, Liechtenstein, Bosnia, Serbia, Montenegro, Macedonia and Albania. "We will also have the right, which can be exercised by June 30, 2019, to enlarge the territories including one or both of the following geographical areas: Middle East and North Africa first and second, the CIS countries, including the 11 former Soviet republics , through the payment of a further milestone: to date the agreement provides for the payment to Titan of 2 millionof euros for the upfront fee to be paid to the signing of the exclusive license and distribution agreements, to which are added additional milestones for the subsequent registration phases of the product up to a maximum of 4 million euro and the payment of royalties on sales of Probuphine », explains Seghi Recli.
