Galenica is pressing ahead with the planned division; the focus is on an IPO of the Galenica Santé Business unit

(lifePR) ( Bern, )
The preparations for the division of the Galenica Group planned for 2017 are on track. The performances in recent months and the agreements concluded in 2016 have further strengthened Vifor Pharma and Galenica Santé. Both Business units are therefore prepared to successfully grow further in the future as independent companies.

Within the framework of examining different variants as to how the division of the Galenica Group could take place, the focus of the current preparatory work is on the flotation of Galenica Santé by means of an initial public offering (IPO). Galenica anticipates that the division will be completed by no later than the end of 2017, subject to the economic environment remaining stable.

In October 2016, the Board of Directors of the Galenica Group announced the first personnelrelated management appointments: Stefan Schulze has been designated Chief Operating Officer (COO) and President of the Executive Committee of Vifor Pharma and will assume this role with effect from the Annual General Meeting of Galenica Ltd. in May 2017. Etienne Jornod will continue to lead Vifor Pharma as Executive Chairman after the planned division of the Galenica Group.

The Board of Directors of the Galenica Group has now also taken initial personnel decisions at Galenica Santé. Jörg Kneubühler, current CEO of Galenica Santé, has been designated future Chairman of the Board of Directors of Galenica Santé, and Jean-Claude Clémençon, current Head Retail Business sector, as its future CEO. The change of management will come into effect following the planned IPO of Galenica Santé.

Planned division of the Galenica Group via IPO of Galenica Santé

Within the framework of examining different variants as to how the division of the Galenica Group could take place, the focus of the current preparatory work is on an initial public offering (IPO) of Galenica Santé. In an initial step, the activities of Galenica Santé (Products & Brands, Retail, Services) will be brought together under a new holding company. The majority of the shares in this new holding company will then be placed by means of an IPO and listed on the SIX Swiss Exchange. In addition, Galenica Ltd., the current holding company, should be renamed Vifor Pharma so that Galenica Santé can trade under the Galenica name.

Proceeds should enable the refinancing of Relypsa

The proceeds from the planned IPO of Galenica Santé will be used entirely for the benefit of the current Galenica Ltd. respectively Vifor Pharma Ltd. They should enable refinancing of the acquisition of Relypsa in full or in part and if need be secure a financial reserve for the independent further development of the future Vifor Pharma.

Galenica Santé to be launched with a solid capital structure

Galenica Santé will also have the best possible financial conditions for a longterm, successful future thanks to a strong balance sheet. There are plans to equip Galenica Santé with a solid capital structure in order to maintain the implicit investmentgrade rating.

Appointments at Vifor Pharma

In October 2016, the Board of Directors of the Galenica Group announced the first personnelrelated management appointments: Stefan Schulze, current CEO of Vifor Fresenius Medical Care Renal Pharma (VFMCRP), has been appointed Chief Operating Officer (COO) and President of the Executive Committee of Vifor Pharma. He will assume this role with effect from the Annual General Meeting of Galenica Ltd. in May 2017 under the proven leadership of Executive Chairman Etienne Jornod, who will continue to preside over Vifor Pharma as Executive Chairman after the planned division of the Group.

Until the 2017 Annual General Meeting, Gianni Zampieri, current CEO Vifor Pharma, will remain responsible for the operational management of Vifor Pharma and will gradually introduce Stefan Schulze to the various tasks and responsibilities. At the same time, Stefan Schulze will look for his successor as CEO of VFMCRP. At the next Annual General Meeting, Gianni Zampieri will be proposed to the shareholders for election to the Board of Directors of Galenica Ltd. respectively Vifor Pharma Ltd.

Appointments at Galenica Santé following the IPO

As part of the preparations for the independence, the Board of Directors of the Galenica Group has taken initial personnel decisions in terms of Galenica Santé. They will come into effect following the planned IPO of Galenica Santé: Jörg Kneubühler, currently CEO of Galenica Santé, has been designated future Chairman of the Board of Directors of Galenica Santé, and Jean-Claude Clémençon, currently Head Retail Business sector, as its future CEO.

As announced in October 2016, Felix Burkhard has taken over from Jörg Kneubühler as CFO of the Galenica Group with effect from 1 January 2017 in order that the latter can focus fully on managing Galenica Santé with regard to its independence. Following the planned IPO, Felix Burkhard will take on the role of CFO of Galenica Santé.

Jörg Kneubühler and Jean-Claude Clémençon will continue to perform their management functions as CEO Galenica Santé and Head Retail Business sector, respectively, until the planned IPO of Galenica Santé. Jean-Claude Clémençon will continue to head the Retail Business sector until his successor takes over this role. The succession arrangements will be dealt with in good time.

The composition of the Boards of Directors and the Executive Committees of Vifor Pharma and Galenica Santé will be communicated by the Board of Directors of the Galenica Group in due course.
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