Girindus

Girindus AG iL
legal form	Corporation
founding	1975
Seat	Bergisch Gladbach , Germany
management	Marc Lemaître, board spokesman ; Horst Kröger, chairman of the supervisory board ;
Number of employees	72 (December 31, 2011)
sales	9.4 million EUR (2011)
Branch	biotechnology
Website	www.girindus.com

The Girindus AG is a technology company and a leading oligonucleotide -Produzenten world and the pharmaceutical and cosmetics industry offers products and services. The company manufactures oligonucleotides at its Cincinnati, Ohio site. It also includes the development of synthesis processes and the production of substances for preclinical and clinical tests in kilograms and the radioactive labeling of substances for studies by pharmaceutical companies. Girindus is part of the Solvay Group.

history

In 1975 Girindus GmbH , Bensberg , Germany , and Girindus SA, Friborg , Switzerland , were founded as independent service providers for the pharmaceutical industry. In 1986 Girindus established itself in the USA with the Girindus Corporation , Tampa , Florida . Between 1987 and 1988 it became known that ammonium perchlorate purchased from Girindus was to be shipped to Iran. American authorities prohibited the transport of the chemical used as rocket fuel and explosives on the basis of false documents. In 1999 the API production facility in Künsebeck was taken over by ASTA Medica and Degussa and integrated into the company. In 2000 the company was first listed on the Neuer Markt . In the same year, Girindus AG took over drug production facilities from Aventis , in Cincinnati , Ohio , and founded Girindus America Inc. The aim was to build a state of the art facility for the production of therapeutic oligonucleotides under Good Manufacturing Practice standards. Solvay Organics GmbH, an indirect subsidiary of the Belgian Solvay SA , initially acquired 74% of the share capital in 2005 through a voluntary, public takeover offer . The stake was later increased to 75%. Due to the low capacity utilization and the ongoing loss phase, Girindus AG decided at the beginning of 2008 to part with the Künsebeck location. On June 2, 2008, Girindus AG announced that Central Glass GmbH, a wholly owned subsidiary of the Japanese Central Glass Co., Ltd, would take over the entire plant. The purchase price was 1 euro. In the course of the restructuring, Girindus SA, Friborg, was closed and deleted from the commercial register on April 24, 2008 . The branch in Tampa, Florida, was also dissolved and the activities there were transferred to Girindus America Inc. On April 1, 2009, the Chief Operating Officer and President of Girindus America, Mark Laskovics, opened the expansion of the large-scale facility at the Cincinnati site.

On January 4, 2013, the Management Board announced the resolution of the Extraordinary General Meeting to dissolve the company.

Business areas

Since the sale of the systems in Künsebeck, the cGMP-compliant custom synthesis of oligonucleotides in the classic solid phase has been the core business of Girindus AG. This is operated at the location in Cincinnati. The company covers all areas from clinical studies to marketing. In addition to the classic, standardized solid phase, Girindus is the only supplier of an alternative, patented liquid phase of oligonucleotides worldwide. Compared to the classic method, this method enables a significantly more cost-effective, environmentally friendly and low-risk synthesis of large quantities of oligonucleotides. Girindus thus occupies an outstanding position in this area.

The traditional trading business with chemical substances has recently become an important pillar of Girindus AG.

Process development is another business area of the company. Chemical production processes are adapted, further developed and optimized according to the changing volume requirements.

The scale-up complements the process development division. Radiochemistry , medchem, synthesis design, quality assurance and control, as well as documentation of active ingredients, drug master files and regulatory concepts complete the business activities of Girindus AG.

The Management Board of Girindus AG resolved on December 14, 2009 with the approval of the Supervisory Board on December 15, 2009 to increase the company's share capital, currently EUR 7,043,772.00, which is divided into 7,043,772 no-par value bearer shares, against cash contributions by up to EUR 756,228.00 through the issue of up to 756,228 new no-par value bearer shares up to EUR 7,800,000.00.

Products

At the end of 2004 Girindus began marketing its own dermatological active ingredients. Protected worldwide by 60 patents , under the brand name GirLite Deoxyarbutin , a pharmaceutical, cosmetic active ingredient for skin lightening which was not approved from Brussels in 2008-2010, therefore this product was not pursued any further. Dihydroxyacetone , an active ingredient for self-tanning (produced under GMP conditions), was manufactured and marketed under the name “Decox”.

Solvay participation

Since June 2009 Solvay Organics has held 76% of the share capital of Girindus AG.

The aim of the takeover was to strengthen the Solvay Group's strategy aimed at profitable growth. Girindus AG should expand and complete the product portfolio in the field of organic chemistry within the chemistry division. The presence of the Cincinnati location on the American growth market, as well as the addition to the Solvay subsidiary Peptisyntha , were also decisive. Girindus remained operationally independent.

Girindus AG has not been able to generate an operating profit in any financial year since going public. This is why Girindus AG developed a strong financial dependency on Solvay. After the successful takeover, Girindus AG got access to the Solvay-internal cash pool. Girindus AG was thus able to obtain fresh liquidity without a credit check .

From 2007, the supply of Girindus AG with liquid funds was changed. In order to minimize currency risks, the American subsidiary, Girindus America Inc. , Has since been supplied with liquidity via American subsidiaries of Solvay SA . At Girindus AG, financing is provided through a finance plan . In the 2007 financial year, Girindus received a grant of 14 million euros in the form of a partial waiver of the outstanding loan to maintain its capital reserves.

On December 23, 2009, Solvay GmbH, the German subsidiary of Solvay SA, waived EUR 11 million in loan and interest receivables from Girindus AG. The debt waiver was granted against a debtor warrant, which provides for a revival of the claim depending on earnings figures from the 2014 financial year.

In addition to financial contributions, the business relationships also include development projects, service contracts and support agreements in Europe and America.