Stevanato Group today announced that it secured $235.5 million (€200 million) in financing to support ongoing capital expenditure projects.
The Piombino Dese, Italy-based drug delivery device developer plans to use funds to support projects in Cisterna di Latina (Italy) and Fishers, Indiana. It picked up the funds through agreements with BNL BNP Paribas, Cassa Depositi e Prestiti (CDP) and Banco BPM.
Stevanato Group says the financings bolster its efforts to expand capacity and scale commercial production to support its customers. CDP committed €50 million to enhance the production of pre-filled syringes and set up future capacity for ready-to-use cartridges in Italy. BNL BNP (€100 million) and Banco BPM (€50 million) contributed funds to scale pre-filled syringe production in North America and in Italy. They also hope to aid in the completion of the ongoing construction for device manufacturing in Fishers.
“These agreements are an important element to Stevanato Group’s financial strategy, allowing us to capitalize on robust customer demand and support the Company’s long-term growth objectives,” stated Marco Dal Lago, Chief Financial Officer of Stevanato Group. “We are committed to supporting our customers’ biopharmaceutical programs with our unique value proposition of offering integrated solutions across the pharmaceutical value chain, helping to enable our customers to meet and exceed their program objectives.”
Stevanato Group offers a range of drug delivery systems, including the Vertiva system, in addition to its pre-filled syringe technology. Last year, the company announced plans to bring this on-body device to market through a collaboration with Thermo Fisher Scientific. The companies plan to offer the platform as an integrated device and fill-and-finish solution. Stevanato Group then unveiled the Vertiva system in June 2023.
