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Icelandic pharmaceutical company secures over 15-million USD in funding

Coripharma, an Icelandic pharmaceutical company founded in 2018 by former employees of Actavis and investors, has secured over $15-million dollars in funding by a syndicate over 20 new investors. The pharmaceutical firm specializes in the manufacturing and development of pharmaceuticals for other pharmaceutical companies, as well as focusing on their own development. The first generic drug under the Coripharma brand is expected to be launched later in 2020.

The new funding will enable Coripharma to focus on scaling and growing as they take on global pharmaceutical companies, such as Midas Pharma and Stada. Coripharma expects their staff count to grow from 110 to 140 this year. In 2018, Coripharma acquired the pharmaceutical manufacturing facilities of Actavis in Iceland

"The development of new generic drugs is costly, but this funding will allow us to continue with our goal of bringing thirteen new generic drugs to market and the factory will be fully operational within three years," says Bjarni K. Þorvardarson, CEO of Coripharma.

Life science companies, such as biomedical and pharmaceutical companies, incorporated in Iceland benefit from low corporate tax and encouraging financial incentives for the clinical trial R&D and commercial applications. To learn more, please visit Invest in Iceland.

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