JM will retain a stake of about 30% in the business, from which it expects to realize additional future value under Altaris’ management.

JM said Health was not core to the company as it operates in different markets from the rest of the group. Health is a global developer and manufacturer of specialist and complex APIs for pharma and biotech customers. It has about 1,000 employees across seven sites worldwide. For the year ended Mar. 31, 2021, Health delivered sales of £237 million and underlying operating profit of £31 million.

“As the world transitions to more sustainable technologies, we are focusing our portfolio on the most attractive growth areas, specifically businesses driving growth from climate change solutions – circularity solutions, hydrogen technologies and decarbonization of chemicals and fuels. The sale of Health is a further step towards simplifying our portfolio,” said JM CEO Robert Macleod, who will hand over to Liam Condon next year.

JM had planned to spend about £150 million in Health over the next three years. A sale means that JM can redeploy the funds into scaling up its more attractive and higher returning growth businesses.

Once the sale is completed, JM Health will be renamed and headquartered in the US.

Author: Elaine Burridge, Freelance Journalist