Tillotts Pharma AG, the Swiss subsidiary of Zeria Pharmaceutical (TSE: 4559), has agreed to buy all of Haupt Pharma Wülfling GmbH (HPW) from Aenova Holding GmbH. Zeria said in a disclosure dated 26 October 2026 that the share transfer agreement was signed on 23 October 2026, Swiss time.
What Tillotts is buying
HPW, based in Gronau, Germany, has for many years made most of Tillotts' Asacol, according to Zeria. Asacol is the group's main product, a treatment for inflammatory bowel disease, and Tillotts sells it and other prescription drugs in about 65 countries.
Buying the site and bringing production in-house would, Zeria says, give Tillotts more direct and flexible control over manufacturing capacity, production planning and quality control, and strengthen long-term supply. That is the company's stated rationale, not a result the disclosure can yet show.
Zeria also pointed to HPW's expertise in developing, making and packaging solid dosage forms and handling clinical trial materials. It called the plant's experienced staff essential to maintaining Tillotts' own manufacturing capability, and said the group plans continued investment in the site to raise capacity, quality and production efficiency.
Terms and timetable
The purchase price is not disclosed. Zeria also withheld HPW's operating profit, saying the amount falls within the exchange's materiality threshold for timely disclosure.
The target's size is given instead. HPW's sales fell from €51.0mn in the year to December 2023 to €47.8mn in 2024 and €41.1mn in 2025. Net assets were €12.4mn and total assets €55.7mn at the end of 2025. These are the target's own financials, not the transaction value.
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net assets | 8,857 | 12,513 | 12,420 |
| Total assets | 57,288 | 54,520 | 55,666 |
| Sales | 51,007 | 47,828 | 41,062 |
Closing is planned for January 2027 or later. It depends on customary conditions, including approval from the relevant authorities. Zeria says it is still assessing the effect on its consolidated results for the current and later years and will disclose anything material promptly.
Zeria's disclosure lists no capital, personnel or business relationships with HPW or with Aenova that require reporting. It lists Aenova's business as pharmaceutical contract development and manufacturing, and names Jan Kengelbach as a managing director of both Aenova and HPW.