Pharmaq ESG case study

More and more people around the world are eating fish as a source of healthy protein. However, as we all know, this demand is putting enormous pressure on marine eco-systems and, as populations continue to rise, it is increasingly unsustainable. One response has been the dramatic rise in fish farming. We identified this long-term growth trend and looked for opportunities to partner with companies that are providing solutions for this segment.

Transformation of the global leader in health products focused on the fast-growing aquaculture industry:

  • Vaccines manufactured in a state of the art production facility (Overhalla, Norway) with subsidiaries in Chile, the UK, Vietnam, Turkey, Spain, Panama and Hong Kong
  • Global sales
  • 200 employees
  • In 2015, Pharmaq was bought by Zoetis, a world leader in animal health

ESG highlights:

  • Vaccine products reduce reliance on antibiotic use and are cost effective for farmers, improving the sustainability of aquaculture farming
  • Approximately 20% of revenue allocated to Research and Development (R&D) into environmentally sound, safe and efficacious products for the aquaculture industry
  • During P4’s ownership, Pharmaq launched products in Vietnam (for Pangasius) and in Central America (for Tilapia)
  • Zero injuries in 2014 which resulted is absence or restrictions on work
  • Strong focus on product stewardship, communicating preventative safety measures for the vaccinator in various languages
  • Extended the product offering in the core salmonid market to provide protection against devastating diseases that are currently left unaddressed
  • ‘PHARMAQademy’ continued to address need for continuous learning and knowledge sharing amongst the workforce during Permira’s investment
  • Permira supported improvements to Governance standards and procedures (for example, establishing Audit and Compensation Committees in 2014)
  • Annual Corporate Social Responsibility action plan

The metrics

18%

Sales allocated to R&D