Pharmaceutical company Eurofarma raised US$ 150 million, equivalent to around R$ 775 million, to finance part of its new factory in Montes Claros, Minas Gerais. The resource was obtained from the International Finance Corporation (IFC), the investment arm of the World Bank.
The Minas Gerais factory, which will mainly produce pills, hormones and antibiotics, should start operating in 2024. It will occupy a built area of 280,000 square meters. The expectation is to generate 600 direct jobs and 1,500 indirect jobs. Altogether, Eurofarma’s new facility should receive investments of up to R$ 1.8 billion.
Part of the funding obtained will also finance the project to produce vaccines against covid-19, in partnership with Pfizer/BioNTech, in Itapevi, in the metropolitan region of São Paulo. The Eurofarma unit will carry out the last stage of the formulation, filling in vials and the final packaging of the vaccines, received from the United States. At full operational capacity, the annual production of vaccines is expected to exceed 100 million doses, which will be distributed in Latin America.
Last year, Eurofarma had net revenue of BRL 7.1 billion and cash generation of BRL 1.7 billion, an increase of 23% and 30%, respectively, compared to 2020.