Private equity firm Advent International has acquired Italian pharmaceutical business Industria Chimica Emiliana. Industria Chimica Emiliana (ICE) produces Ursodeoxycholic Acid (UDCA), an active pharmaceutical ingredient sourced from bile, which is primarily used in drugs that treat liver diseases and gallstones. Advent has acquired the company from the Bartoli family, who founded the firm in 1949. The business employs around 1000 people across Italy, South America, India and North America. Advent will work with the Bartoli family and ICE’s management team to grow the business by developing new pipeline products to treat additional indications. Francesco Casiraghi, a Managing Director at Advent International, said: “Already a key player in an attractive market supported by strong fundamentals, we see significant growth opportunities for this business. ICE’s global positioning as a trusted partner of pharmaceutical companies and suppliers, and integrated business model across the value chain serve as a strong basis for ICE’s future development." Enzo Bartoli, Chair of ICE, added: “Since my parents founded the business producing the first bile acids in a basic laboratory, our business has seen significant growth. Today, ICE is a leader in the field of UDCA production for the pharmaceutical industry. We’re delighted to have Advent on board as we enter our next phase of growth."
