Acqui-hiring is relatively common in the U.S. market, and refers to an acquisition that is brought about to recruit employees rather than to take on a new product. However, this process was almost unheard of in the Latin American market, until Ingalfarma acqui-hired Level Bioscience in January 2018.
Ingalfarma is a ten-year-old startup that produces Dentoxol, a medication that treats oral mucositis, an disease that attacks cancer patients. Ingalfarma has succeeded in raising two rounds over the past decade, one of which was led by the Ciencia y Vida Foundation.
Level Bioscience has been developing solutions for periodontitis, a disease usually treated by dentists.
The combination of acquisition and fusion that brought the companies together was the first of its type to occur in Chile. With the two executive teams under one roof, Ingalfarma plans to continue developing Level Bioscience’s technology while also pushing Dentoxol to reach an international audience.
Says Ingalfarma founder Felipe Galván in El Mercurio:
“We understand that the needs we cover, or seek to cover, are still without solution all across the globe. For that reason, in the next two years, we plan to reach the United States, Europe, and other countries.”
Read more about Ingalfarma:
Recognized by Start-Up Chile in 2016 as notable e-health startup