The Regional Minister for Economic and Business Development Mikel Irujo meets with the management of 3P Biopharmaceuticals and its majority shareholder Keensight Capital.
During the meeting, attendees evaluated 3P's trajectory and its investment plan for the next five years.
3P Biopharmaceuticals (3P), and its main partner and shareholder Keensight Capital, a leading European private equity fund specializing in the healthcare and technology sectors, were visited on Wednesday, March 22, 2023 by the Regional Minister for Economic and Business Development, and President of the public company Sodena, Mikel Irujo.
The Regional Minister Mikel Irujo, the management of the company, and the board of directors, usually attended by representatives of Sodena, who has supported for 3P since its constitution, have carried out a very positive evaluation of the trajectory of the company since Keensight entered into the capital in July 2019, with an expansion investment already executed of more than 22 million euros and around another 5 million euros planned for this year 2023.
3P has stood out as an outstanding driving force in the biotechnology sector in Navarra with the generation of more than 70 net jobs, bringing its current workforce to more than 350 employees. This growth in employment is accompanied by the company’s good results, which has significantly improved its strategic position in the international market and has seen its sales increase at an average annual growth rate above 35% following the agreement with Keensight Capital.
Currently, Keensight Capital and 3P are preparing a new strategic plan for the next 5 years in which the level of investment will be around 40 million euros in the period 2023- 2027 and will have an estimated employment growth of close to 100 additional people.
Since the entry of Keensight Capital as majority shareholder in 2019, 3P has consolidated its position as a key player in the biotechnology sector and the desire of its shareholder is to continue supporting the management and the human team of 3P for the consolidation of the company as a CDMO of reference in the sector competing at the highest level in the international market.
During the meeting, the Regional Minister emphasized: “The health sector is a key sector for the economy of Navarre, a priority of the S4 Smart Specialisation Strategy for Navarre, and is also a generator of knowledge, well-being and quality employment. More specifically, the main industrial area of this sector, biopharmaceuticals, represents 64% of the total turnover of this industry. 3P Biopharmaceuticals is a clear example of traction in the sector, which has had the support of the Government of Navarra since it was set up, through Sodena, and which, with the entry of Keensight’s capital, has experienced notable growth at all levels.”
For his part, Dámaso Molero, CEO of 3P Biopharmaceuticals states that: “3P, since its foundation, is and will be an important partner of the Government of Navarra for the development of the biotechnology sector in Navarra, supporting the improvement of infrastructures, the generation of talent and the development of strategic life science capabilities for both Navarra and Spain”.