Larka Advises Biose Industrie, Acquired by L-GAM & the French State

Larka is delighted to announce it acted as the sell-side Commercial Vendor Due Diligence provider to support the sale process of Biose Industrie—a world-leading Contract Development and Manufacturing Organisation (CDMO)—acquired by L-GAM & the French State. 



European Private Equity firm L-GAM and the French State have signed a purchase agreement with the aim of acquiring joint control of Biose Industrie, a French CDMO dedicated to Live Biotherapeutic Products (LBPs) process development and manufacturing. 

Already established as a global leader within the Live Biotherapeutic Product (LBP) CDMO field, this € 80Mn joint investment from L-GAM and the French State—through the “French Tech Souveraineté” scheme operated by EPIC Bpifrance—will support Biose Industrie’s next phase of growth. 


How did Larka Support Biose Industrie’s Sale Process?


This Commercial Vendor Due Diligence (VDD) provided Biose Industrie with a high standard, data-driven and unbiased story of their company—meant to showcase the true value of the French CDMO to potential buyers, and increase the overall chances of the auction process to succeed. 

Giving a full commercial appreciation of the asset to bidders through an educational approach, Larka’s CVDDs are designed to simplify the diligence work of buy-side teams—which in this case, facilitated the decision making process of L-GAM and French Tech Souveraineté.  


We have been pleased to collaborate with Larka throughout this exciting and successful deal. The Larka team displayed a great knowledge of both M&A deals and the LBP CDMO market—anticipating potential buyers’ requirements, all while presenting an in-depth yet very clear picture of Biose.

Adrien Nivoliez – CEO at Biose Industrie 


As for all of our Sell-Side Merger & Acquisition services, this Vendor Due Diligence was built upon our M&A teams’ extensive knowledge of the biopharmaceutical industry. 

In this case, Larka’s healthcare expertise and data were leveraged to provide L-GAM and the French State with an accurate picture of Biose’s: 


What’s Next for Biose Industrie?


Since its foundation in 1951, Biose Industrie has developed a unique set of capabilities in industrial microbiology, supporting the development of microbiome-based medicinal products for Biotech and Pharmaceutical companies across the globe. 

Operating from its historic Aurillac site and newly-opened Boston facilities, the French CDMO has experienced a sustained growth since 2017—benefitting from the ever-growing microbiome therapeutics market, which has applications in a wide range of therapeutic areas, including: 


With L-GAM and the French State becoming shareholders alongside Adrien Nivoliez—current CEO and future President of Biose—the group is set to invest a significant € 80Mn to initiate its next phase of growth, with a main focus on: 


More specifically, Biose will increase its Aurillac’s site capacity for drug substance (DS) and drug product (DP); hire 200 additional FTEs—with the objective to reach a total of 500 FTEs within the next 4 years—and expand the applied R&D facilities in its Boston, MA site to meet a rising demand for early stage LBP capabilities in the US.


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About Larka, the sell-side vendor due diligence provider:

Larka is a management consulting firm, exclusively dedicated to the Biotech and Pharma industry. We assist all players that are somehow involved technically, commercially or financially into drug discovery, development and manufacturing, such as Biotech & Pharma companies, Contract Services Organizations, Equipment or Raw Materials Suppliers, Private Equity firms, Investment Banks or Public Institutions.

Covering Technical, Operational, Commercial and Strategic activities, Larka has developed a unique combination of expertise – including TechOps, CMC & Outsourcing, Operational & Commercial excellence, Marketing & Sales, Corporate Strategy and M&A - giving Larka’s clients a full appreciation of their capabilities and a 360° view, full-potential vision, on the industry’s opportunities, synergies and risks.


About Biose Industrie, the Contract Development and Manufacturing Organisation (CDMO) advised:

Originally called Laboratoires Lyocentre and established in 1951, Biose Industrie was bought by the Desjonquères family in 1997, who pursued its historical development as a CDMO specialized in the industrial manufacturing of microorganisms compliant with pharmaceutical standards and regulations for human health. Today Biose Industrie’s turnover is largely generated by international sales, over half of which are in the USA. Locally, Biose Industrie is at the forefront of the industrial scene and employs over 300 people.


About L-GAM, the Private Equity buyer: 

L-GAM ( is a long-term oriented investment firm with capital commitments in excess of €1 billion. L-GAM was established in 2013 with the backing of the Princely Family of Liechtenstein and several families from Europe, Asia and the USA. Its unique and differentiated business model is based on long-term, industrial-like investment focus and a flexible mandate to provide investment solutions throughout the capital structure. L-GAM focuses on partnering with small and medium sized companies across Europe. L-GAM has invested , among others, in Jardiland (France), Faist ChemTec (Germany), Grupo BC (Spain), Cyber Group Studios (France), Woolrich (Italy and USA), Amplitude Laser Group (France), Centro Medico Santagostino (Italy), Ancorotti Cosmetics (Italy), Vinventions (Belgium) and Cotta (Liechtenstein).


About French Tech Souveraineté: 

The “French Tech Souveraineté” scheme was launched by the French government in June 2020 and is an investment scheme aimed at both promoting and protecting business development in France. The government has injected a total amount of €650 million into the scheme to support French technological companies developing technologies of the future of national interest and that could be prey to large foreign companies or overtaken by competitors with stronger financial means. The “French Tech Souveraineté” agreement designates EPIC Bpifrance as the operator of the scheme and Bpifrance Investissement to manage the implementation and monitoring of investment files.


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