Adragos Pharma is a globally operating Contract Development and Manufacturing Organisation (CDMO) for pharmaceuticals.

Headquartered in Germany, Adragos Pharma operates three production sites in France, Germany, and Japan focused on the production of finished dosage forms (FDF) pharmaceuticals in the small-molecule segment. Its sites cover relevant technologies in sterile and non-sterile liquids and semi-solids, providing end-to-end services for its large base of pharma customers.


Investment Thesis

  • The market for CDMOs is growing faster than the overall pharma industry due to the continued outsourcing trends propelling the CDMO industry
  • As part of their outsourcing strategy, large pharma companies are divesting underutilized production sites to optimize their site networks and product portfolios
  • This divestment trend creates a significant runway of add-on opportunities for CDMOs with track-record and capabilities to take over and optimize these sites

Main Transformation Initiatives

  • Expand existing site network via add-on acquisitions in Europe and NA
  • Continue to expand development capabilities
  • Grow and professionalize organization and business processes

Key Facts

Country Germany, France, Japan

Headquarter Munich

Acquired 2021-09

FSN Ownership 77%

Sales 2022 EUR 43m

CEO Dr. Andreas Raabe

Chairperson Jeff Morrod

Pointperson Nicolai Norrbom


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FSN Capital Partners AB
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Norway (Post address)
FSN Capital Partners AS
PO. Box 1597
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FSN Capital Partners GmbH
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+49 160 3666 627

FSN Capital Partners Aps
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