México, México City, March 21st, 2019. The International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group, has led a US$160 million financing package to Siegfried Rhein, a Mexican pharmaceutical company focused on the development, manufacturing and sale of medicines.
The financing package consists of a US$75 million loan from IFC plus mobilization of another $85 million from Bancomext and Monex. The financing aims to support Siegfried Rhein’s expansion plan which includes the acquisition of additional brands and international expansion in Latin America. Siegfried is a fully-owned subsidiary of Laboratorios Roemmers. Privately-owned Roemmers is the largest player in the Argentinian pharmaceutical market and the 5th largest player in LAC with presence in nine countries including Argentina, Mexico, Brazil, Ecuador, Peru, Colombia, Chile, Venezuela and Paraguay.
Founded 45 years ago, Siegfried Rhein is one of the leading domestic pharmaceutical companies in Mexico, primarily focused on prescription generics, with a portfolio of 89 products covering analgesics, antibiotics, cardiovascular, gastrointestinal, women’s health, central nervous system, and pediatrics. The company has one of the largest pharmaceutical sales forces in Mexico and employs more than 1,200 people.
"With this investment, IFC continues accompanying the Roemmers Group in its regional expansion and continues promoting increased quality and affordability of the medicine supply in Mexico”, said Ary Naïm, Country Manager of IFC México.
"We are very grateful for the support of IFC, Bancomext and Monex to carry out this syndicated loan in an agile and successful manner. Undoubtedly, these new brands will allow the consolidation of Siegfried Rhein as the leading company in the Mexican prescription market, as well as the expansion of our products to all Latin American countries," said Pablo Damián Urueña, CFO of Siegfried Rhein.
“This investment will allow the company to strengthen its growth and consolidate itself in the national market, offering high quality medicines. Bancomext is proud to participate in this type of financing, which supports a company that generates more than 1,200 jobs in México and adds value to foreign trade and helps to the overall integration of Mexico into the global economy”, said Rebeca Pizano, Deputy Director of Bancomext.
Through its corporate banking area, Banco Monex expressed its joy in promoting the expansion of companies like Siegfried Rhein, with an excellent track record and international growth potential.
Worldwide, 100 million people fall below the poverty line every year as a result of healthcare costs. Poor countries struggle to provide basic care, while increasingly called upon to address diseases of an aging population like heart disease, cancer, and diabetes. Rising middle classes and lengthening life expectancy is propelling spending on health care. Much of this care—in some of the poorest countries more than half—is supplied by the private sector. IFC works with local pharmaceutical companies and global medical technology companies to bring the latest standard of care to emerging markets affordably.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
About Siegfried Rhein
Siegfried Rhein was established in Mexico 45 years ago with one specific goal, the health of Mexican people. In 1994, Roemmers Group acquired Siegfried Rhein, starting a new era based on teamwork, integrity, and commitment devoted to bringing products of the best quality and security. Siegfried Rhein has a wide portfolio of products that are now leaders in their therapeutic areas, going from Primary Care to Specialty, leading it to be on the top 5 ethical pharmaceutical companies in the country. Siegfried Rhein is the first laboratory in Latin America which has been certified in Quality management, Environmental and Occupational health by ISO. The business continues growing consolidating its philosophy: Conciencia por la Vida (Concience for Life). www.siegfried.com.mx
About Grupo Financiero Monex
A 100% Mexican-owned company offering high-quality financial products and reliable services to clients in Mexico and other countries. With a more than 33-year track record in Mexico, Monex is an innovative institution made up of three financial firms: Banco Monex (bank), Monex Casa de Bolsa (brokerage firm) and Monex. Operadora de Fondos, through which it offers corporate banking products (foreign-exchange and international payments, derivatives, corporate credit, digital accounts, e-banking, and cash and investment management) and also private banking products (market trading, mutual funds, international investments, and fiduciary services). www.monex.com.mx
About Bancomext
Banco Nacional de Comercio Exterior (Bancomext), founded in 1937, is the Mexican Government foreign trade bank, whose main objective is to promote the financing of foreign trade and currency generation, and enhance the productive capacity of exporting enterprises, through quality care of clients with financing, guarantees, and other specialized services. For more information, please visit: www.bancomext.com
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Contacts
In México City: Mauricio González Lara Phone: +5255 3098 0248 mgonzalezlara@ifc.org
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