Cosmetics & Personal Care
Sirio Pharma Successfully Completes the Acquisition of Best Formulations 9th January 2023
Sirio Pharma Co., Ltd., a leading global CDMO, today announced that it has completed the acquisition of a majority stake in Best Formulations LLC, a leading contract manufacturer of Nutritional Supplements and Personal Care products based in California. With more than 35 years of experience, Best Formulations is the largest manufacturer of plant-based softgels in the United States, with newly expanded capabilities for Nutritional Gummies and Personal Care.
“Our vision is to become an innovative leader in the field of nutrition and health, and the first choice of our customers”, said Patrick Lin, Chairman and CEO of Sirio, “With the acquisition of Best Formulations both parties are expected to fully leverage synergies through strategic cooperation, including an expanded sales network and other strategic resource sharing. Additionally, through technology and R&D collaboration, joint procurement of raw materials, and production/operational coordination, Sirio expects to further enhance our visibility and competitiveness in the global market and expand market share. This combination will strengthen our ability to help customers expand, accelerate growth and enhance long-term profitability.”
The acquisition of Best Formulations fits into Sirio’s global strategy to bring innovative quality products to customers around the world. By purchasing Best Formulations, Sirio can fully meet the production needs of both international and local brands. Customers will benefit from expanded capacity, global R&D collaboration, local market insights, and diversification of products and services.
Eugene C. Ung, CEO of Best Formulations LLC, said, “We are incredibly excited to partner with Sirio. The synergies we can bring from our partnership, including the gummy and softgel businesses, have been recognized by some of our key customers. I’m pleased to announce that Jeffrey Goh will lead the team as CEO. I will continue as Executive Manager working with the Board on integration, synergies, and strategies. We collectively expect the synergies will bring higher growth and long-term value to our customers, business partners, employees, and stakeholders.”