Mexico City, July 23th, 2018. The International
Finance Corporation (IFC), a member of the World Bank Group, IDB Invest
and the Inter-American Development Bank (IDB), both members of the IDB
Group have signed a US$100 million combined financing package to support
the expansion plan of Genomma Lab, a leading regional pharmaceutical and
personal care company based in Mexico. Genomma Lab is focused on the development,
marketing, distribution and sale of over the counter medicines (analgesics,
antidiarrheal and antacids, among others) and personal care products, such
as anti-acne and anti-dandruff shampoo.
The loans will finance the construction of Genomma’s first manufacturing
plant in Mexico, a state-of-the-art manufacturing facility for pharmaceuticals
and personal care products. IFC will also support Genomma’s refinancing
program that will strengthen the Company’s balance sheet. IFC signed a
US$50 million loan equivalent in Mexican Pesos, and the IDB signed a MXN
900 million loan. Also, IDB Invest is expecting to sign a reverse factoring
facility for up to MX$300 million to provide financing to Genomma Lab’s
suppliers, most of which are small and medium size enterprises.
“Over the counter medicines play an important role in reducing the cost
of healthcare, especially in the largely underserved low-income populations
across Latin America and the Caribbean,” says Ary Naïm, Country Manager
of IFC Mexico. “We are excited to support Genomma’s investment, oriented
to expand access to quality and affordable products to the whole region.
Mexico is well-placed to play a regional and even a global role in the
“We at IDB Invest are thrilled to support Genomma Lab, a regional player
in LAC through a multi-product approach. This kind of solutions are in
line with our new philosophy to become the partner of choice for companies
in the region”, says Rodrigo J. Navas Oreamuno, Head of Manufacturing
at IDB Invest.
“We are proud to have both IDB Invest and IFC as strategic partners to
support the Company achieve our long term vision. With our new manufacturing
plant, Genomma Lab will be able to focus on lowering its production costs,
and thus offering more affordable medicines and products across the region.”,
said Mr Maximo Juda, CEO of the Company. “Both multi-lateral institutions
will not only provide long-term financing but also key strategic advice
given their extensive industry expertise in pharma and environmental matters”,
added Mr. Antonio Zamora Galland, CFO of Genomma Lab
This would be IFC’s and IDB Invest’s first financing in the pharmaceutical
sector in Mexico, an area with significant potential given the country’s
highly recognized regulatory standards, as well as its well-established
knowledge, credibility and cost-competitiveness in pharmaceutical production.
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 FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.
About Genomma Lab Internacional
Genomma Lab Internacional, S.A.B. de C.V. is one of the leading pharmaceutical
and personal care products companies in Mexico with an increasing international
presence in 18 countries in Latin America and the U.S. Genomma
Lab develops, sells and markets a broad range of premium branded products,
many of which are leaders in the categories in which they compete in terms
of sales and market share. Genomma Lab relies on the combination of a successful
new product development process, a consumer-oriented marketing, a broad
retail distribution network and a low-cost, highly flexible operating model.
Genomma Lab’s shares are listed on the Mexican Stock Exchange under the
ticker “LABB” (Bloomberg: LABB:MM).
Contacto: Enrique Gonzalez Casillas email@example.com
En Nueva York: Bárbara Cano +1 (646) 452 23 34 firstname.lastname@example.org
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development
Bank (IDB) Group, is a multilateral development bank committed to supporting
Latin America and the Caribbean businesses. It finances sustainable enterprises
and projects to achieve financial results that maximize economic, social
and environmental development for the region. With a current portfolio
of $11.2 billion under management and 330 clients in 23 countries, IDB
Invest works across sectors to provide innovative financial solutions and
advisory services that meet the evolving demands of its clients. As of
November 2017, IDB Invest is the trade name of the Inter-American Investment
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