Hungaryʼs Solvo Biotechnology sold to French investor
Franceʼs Citoxlab Group has obtained a majority stake in Solvo Biotechnology, a Hungarian company that is a global leader in the field of transporter protein research, services and products.
Ernő Duda, founder and CEO of Solvo.
Solvo Biotechnology, with its headquarters in the southern Hungarian city of Szeged, was founded in 1999, and is a leading contract research organization (CRO) carrying out R&D in pharmaceuticals and biotechnology.
The company claims to be the first to commercialize products and services related to drug interactions with membrane transporter proteins and has gained a global leading position in this field, according to a press release sent to the Budapest Business Journal. Solvo owns more than a dozen patents and serves the world’s largest pharmaceutical and biotech companies. More than 10% of Solvo’s employees are foreign researchers from Japan, the United States, the United Kingdom, the Netherlands, and Germany.
Citoxlab is a global leader in the field of toxicology research, with operations in France, the U.S., and Canada, and also a base in Veszprém (122 kilometers southwest of Budapest, north of Lake Balaton). Solvoʼs management will retain minority ownership of the company and remain in place.
"Currently, we have more than 600 customers in around 40 countries and have laboratories both in Szeged and Budapest. Half of our revenues come from the United States, where we have had a subsidiary since 2013. The professional background of Citoxlab will enable us to enter the area of metabolism research," said Ernő Duda, founder and CEO of Solvo.
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