Senior Executive from Abbott Laboratories Latin
American EPD Division to Accelerate Procaps Group’s Rollout of
Global Growth Initiatives & Strengthen Its Management Team
Procaps Group Reports Unaudited First Quarter
2021 Net Revenues of $78.7 Million, a 33% Increase Versus the First
Quarter of 2020
Procaps Group, a leading integrated international healthcare and
pharmaceutical company, has appointed Dr. Camilo Camacho as
President of the organization.
Dr. Camacho has over 23 years of experience in the
pharmaceutical industry in Latin America, with broad experience in
marketing, sales, R&D, operations and quality control. He has
successfully led integrations of companies after acquisitions, as
well as projects involving new businesses, markets and
infrastructure.
Dr. Camacho has held leadership positions in five different
primary care markets: Cardiovascular, CNS, Respiratory,
Gastroenterology and Women´s Health. His career has expanded from
family, local, multi-Latin and multinational companies. Prior to
his appointment, Dr. Camacho served as Head and General Manager of
both the Colombia and North Latin America regions at Abbott
Laboratories’ Established Pharmaceutical Division (EPD) from 2014
to 2021. There he led the integration of Abbott Laboratories in
Colombia after its acquisition of CFR Pharmaceuticals, and after
Lafrancol was acquired by CFR in Colombia.. Previously he worked
for CFR Recalcine as a General Manager, and Lafrancol as Vice
President. He received his Medical Degree from the Escuela
Colombiana de Medicina, Colombia, a Specialist in Pharmacology from
the Universidad Nacional de Colombia, and an MBA from the INALDE
Business School Colombia.
Furthermore, Procaps Group also reported unaudited net revenues
of $78.7 million during the three months ended March 31, 2021,
which represents a 33% increase when compared to the same period
for 2020. Additionally, Procaps Group’s management team expects
gross profit and EBITDA margin to increase when compared to the
same period for 2020.
“For more than 40 years, Procaps has developed integral
pharmaceutical solutions for people’s health, which has led it to
become an important player within the Latin American pharmaceutical
market,” said Ruben Minski, Procaps Founder, Chairman and Chief
Executive Officer. “On behalf of our board and management team, I
would like to welcome Camilo to the position, and we are privileged
to have someone of his caliber and prestige serve as our President.
With his broad experience in pharma and a history of innovation,
product development, operations and marketing, we believe Camilo
will be instrumental as we continue to focus on organic growth
through diversifying our portfolio and driving regional
consolidation through accretive acquisitions. Camilo will help us
expand the breadth and depth of our reach as a company, positioning
us to continue to create value for our shareholders.”
Dr. Camacho added, “Procaps Group is well positioned as a
top-tier pharmaceutical and healthcare player with global reach. I
look forward to working with Ruben and the team to execute on the
company’s plans focused on operational excellence, expansion and on
broadening the company’s overall portfolio.”
On March 31, 2021, Union Acquisition Corp. II (NASDAQ: LATN)
(“LATN”), a special purpose acquisition company founded by Kyle P.
Bransfield, and Procaps Group announced the execution of a
definitive business combination agreement along with a fully
committed $100 million PIPE financing investment.
Procaps Group Business and Operational Highlights
Leading regional pharmaceutical player with global reach and
accomplished management team
- Founded in 1977 by the Minski Family with 5,000+ employees
across 13 countries
- Gross revenue of $388 mm in 2020, and projected $436 mm for
2021
- Innovative delivery technologies transform branded generics
into differentiated products
In-house R&D capabilities driving attractive growth
opportunities
- Avenues for growth with a robust pipeline and a high product
renewal rate
- Focus on differentiated, high margin, and high barrier-to-entry
products
Leading pharmaceutical integral CDMO specialized in
softgels
- A preferred supplier to the global pharmaceutical
companies
- Top 3 global player by softgel production capacity, with strong
growth potential and long-standing reputable clients including
Glaxo, Pfizer and Abbott
Proprietary portfolio of branded Rx and OTC products
- Robust proprietary portfolio with strong growth rates
- 99% of product portfolio is proprietary
Positioned to capitalize on favorable regional
dynamics
- LatAm’s pharma sales expected to outperform global growth
- Healthcare expenditure expected to reach a 7% CAGR from 2020 –
2022
- LatAm’s aging population expected to increase boosting demand
for pharma
Strong history and focus on ESG Principles
- Resource saving polices, HR & social programs and
governance are important to Procaps
About Procaps Group
Procaps Group is a developer of pharmaceutical and nutraceutical
solutions, medicines, and hospital supplies that reach more than 50
countries in all five continents. Procaps has a direct presence in
13 countries in Latin America and has more than 5,000 collaborators
working under a sustainable model. Procaps develops, manufactures,
and markets over-the-counter (OTC) and prescription drugs,
nutritional supplements and high-potency clinical solutions. For
more information, visit www.procapsgroup.com or Procaps Group’s
investor relations website investor.procapsgroup.com.
About Union Acquisition Corp. II.
Union Acquisition Corp. II, led by Kyle Bransfield, is a Cayman
Islands exempted company incorporated as a blank check company for
the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities. For more information, please click here.
Important Information About the Merger and Where to Find
It
In connection with the proposed business combination, Procaps
Group, S.A. (“Holdco”) , a subsidiary of Procaps Group that will be
become the holding company of LATN and Procaps Group as of the
closing of the proposed business combination, is expected to file a
registration statement on Form F-4 (the “Form F-4”) with the U.S.
Securities and Exchange Commission (the “SEC”) that will include a
proxy statement of LATN that will also constitute a prospectus of
Holdco. LATN, Procaps Group and Holdco urge investors, stockholders
and other interested persons to read, when available, the Form F-4,
including the preliminary proxy statement/prospectus and amendments
thereto and the definitive proxy statement/prospectus and documents
incorporated by reference therein, as well as other documents filed
with the SEC in connection with the proposed transaction, as these
materials will contain important information about Procaps Group,
Holdco, LATN and the proposed business combination transaction.
After the registration statement is declared effective, the
definitive proxy statement/prospectus to be included in the
registration statement will be mailed to shareholders of LATN as of
a record date to be established for voting on the proposed business
combination. Once available, shareholders will also be able to
obtain a copy of the Form F-4, including the proxy
statement/prospectus, and other documents filed with the SEC
without charge, by directing a request to: BTG Pactual US Capital,
LLC, Attention: Prospectus Department, Email:
OL-BTGPactual-ProspectusDepartment@btgpactual.com. The preliminary
and definitive proxy statement/prospectus to be included in the
registration statement, once available, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
Participants in the Solicitation
LATN and Procaps Group and their respective directors and
executive officers may be considered participants in the
solicitation of proxies with respect to the proposed business
combination described in this press release under the rules of the
SEC. Information about the directors and executive officers of LATN
is set forth in LATN’s final prospectus filed with the SEC pursuant
to Rule 424(b) of the Securities Act of 1933, as amended (the
“Securities Act”) on October 17, 2019, and is available free of
charge at the SEC’s website at www.sec.gov or by directing a
request to: Union Acquisition Corp. II, 1425 Brickell Ave., #57B,
Miami, FL 33131. Information regarding the persons who may, under
the rules of the SEC, be deemed participants in the solicitation of
the LATN shareholders in connection with the proposed business
combination will be set forth in the registration statement
containing the proxy statement/prospectus for the proposed business
combination when it is filed with the SEC. These documents can be
obtained free of charge from the sources indicated above.
Forward-Looking Statements
This press release contains “forward-looking statements.”
Forward looking statements may be identified by the use of words
such as “forecast,” “intend,” “seek,” “target,” “anticipate,”
“believe,” “expect,” “estimate,” “plan,” “outlook,” and “project”
and other similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
Such forward-looking statements include projected financial
information, including gross profit, EBITDA margin for the first
quarter of 2021 and gross revenue for 2021; the closing of the
business combination transaction; expectations relating to Procaps
Group’s ability to invest in growth and new product categories and
capitalize on favorable regional dynamics through organic and
inorganic growth; estimated product launches in next three years;
expected LatAm pharma sales, healthcare expenditures and boost in
demand from aging Latam population; and expected synergies as a
result of the appointment of Dr. Camilo Camacho as president of
Procaps Group. Such forward-looking statements with respect to
revenues, earnings, performance, strategies, synergies, prospects,
and other aspects of the businesses of LATN, Procaps Group, or
Holdco , prior to or following the completion of any proposed
business combination, are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward-looking statements. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. Although we believe that we
have a reasonable basis for each forward-looking statement
contained in this press release, we caution you that these
statements are based on a combination of facts and factors
currently known by us and our projections of the future, about
which we cannot be certain. Forward-looking statements in this
press release include, but are not limited to: (1) the inability to
complete the transactions contemplated by the proposed business
combination; (2) the inability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, and the ability of
the combined business to grow and manage growth profitably; (3) the
inability to successfully retain or recruits officers, key
employees, or directors following the proposed business
combination; (4) effects on LATN’s public securities’ liquidity and
trading; (5) the market’s reaction to the proposed business
combination; (6) the lack of a market for LATN’s securities; (7)
LATN’s and Procaps Group’s financial performance following the
proposed business combination; (8) costs related to the proposed
business combination; (9) changes in applicable laws or
regulations; (10) the possibility that LATN or Procaps Group may be
adversely affected by other economic, business, and/or competitive
factors; and (11) other risks and uncertainties indicated from time
to time in documents filed or to be filed with the SEC by LATN. We
cannot assure you that the forward-looking statements in this press
release will prove to be accurate. These forward-looking statements
are subject to a number of significant risks and uncertainties that
could cause actual results to differ materially from expected
results, including, among others, the ability to complete the
business combination due to the failure to obtain approval from
LATN shareholders or satisfy other closing conditions in the
business combination agreement, the occurrence of any event that
could give rise to the termination of the business combination
agreement, the ability to recognize the anticipated benefits of the
business combination, the outcome of any legal proceedings that may
be instituted against LATN or Procaps Group following announcement
of the proposed business combination and related transactions, the
impact of COVID-19 on Procaps Group’s business and/or the ability
of the parties to complete the business combination, the ability to
obtain or maintain the listing LATN’s ordinary shares on Nasdaq
following the proposed business combination, costs related to the
proposed business combination, changes in applicable laws or
regulations, the possibility that LATN or Procaps Group may be
adversely affected by other economic, business, and/or competitive
factors, and other risks and uncertainties, including those to be
included under the header “Risk Factors” in the Form F-4 to be
filed with the SEC and those included under the header “Risk
Factors” in the final prospectus of LATN related to its initial
public offering, as well as LATN’s other filings with the SEC.
Should one or more of these risks or uncertainties materialize, or
should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws. Accordingly, you should not put
undue reliance on these statements.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
any securities nor shall there be any sale of securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210412005910/en/
Procaps Group Investor Contact: Chris Tyson/Doug Hobbs
SPAC Alpha IR+ (949) 491-8235 LATN@mzgroup.us
LATN Contact: Kyle P. Bransfield Chief Executive Officer
Union Acquisition Corp. II (305) 306-2522
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