The dream
IN LIFE, WHAT MATTERS IS TO BE SIMPLE
Interview with Arturo
Licenziati President and CEO of IBSA
edited by Paolo Rossi Castelli
Everyone says such lovely things about you...
Don’t listen to them!
... they talk about your vision of the company as one big family, and your unconventional approach to business, compared to most entrepreneurs...
It’s a matter of habit: if you’re simple, like me, you see things simply and clearly – and then you act accordingly.
Many remember, for instance, how at IBSA’s old headquarters, you’d often walk through the offices, know everyone by name, share a coffee, ask about their problems, and try to solve them...
Everyone has their own way. As I said, I’m a simple man, and I tent to make things simple.
If someone needs help, I help. My epitaph will read: He had no remorse. Perhaps a few regrets.
In many other companies – as we know – it’s not like that. Sometimes executives don’t even know their employees’ names or roles. They’re more focused on looking good in board meetings.
What’s the point?
Indeed... Companies run so impersonally often face problems. Anyway, it takes real sensitivity to choose a different path.
I don’t have any special sensitivity. It’s physiological, like daily routines, even small ones, like shaving and showering every morning... I can’t even fathom what you’re saying (laughs). It’s not in my DNA. We’re on two different planets. Here at IBSA, the time clock reads: This company demands respect at all levels.
Does it really say that?
Yes, go downstairs and see for yourself. No bullying, no power abuses. Full stop. Everyone here must respect everyone else. You respect me; I respect you. My door is always open. The only ‘abuse’ I allow myself is reading the Corriere della Sera in my office (others can’t...).
I’ve long wondered why you, a top executive at Zambon, didn’t join another big pharma firm instead of risking everything to buy IBSA in 1985, when it was near bankruptcy...
I had great respect for my president, Alberto Zambon, who gave me complete freedom. For years, I did as I pleased. But then the work culture changed, and I no longer felt at ease. So, I told him: “Dear President, the company is yours; life is mine. Run your company as you see fit, and I’ll do the same with my life”. It couldn’t be simpler than that....
But you jeopardised everything you’d built financially.
Because it felt like the right moment.
You were exactly fifty. It’s not easy to upend your life at that age.
I’m built differently – simpler, like I said... I’m a prehistoric creature.
Arturo Licenziati and Antonio Melli with two IBSA collaborators, Agnese Milesi and Irma Foglia
You took all your money...
... and gambled it. Everyone’s mad in their own way! I injected a 50% capital increase to revive IBSA, which barely produced anything then: a drug called Urogastrone and generic antibiotics. Urogastrone was extracted from pregnant women’s urine – an anti-ulcer agent that reduced gastric motility. Beggars can’t be choosers...
It took some recklessness...
I’ve been in pharma for 70 years (I’m 90 now). I opened most of Zambon’s foreign subsidiaries. I knew the trade.
IBSA, however, had 40 employees when you took over: forty salaries to pay monthly.
Yes, I stepped into a risky situation. My first question was whether we could lay off half the staff. From there, we grew to 2,500 people and nearly €1 billion in revenue!
Did you actually fire those early employees?
I ran out of time...
How long to turn the company around?
We restarted immediately.
But how did you manage that?
We worked and tried to cut costs and invent new products.
An IBSA meeting in the 1990s
Did you have an R&D department?
(Laughs) That was me... My first move was bringing ‘plasters’ to Italy – the modern version of poultices (the compresses made from natural or medicinal substances, applied directly to the skin, that our mothers and grandmothers used to prepare). In Japan, they were very skilled in using them, in an updated version (a non-woven fabric that could be soaked with active ingredients): I realised this when I travelled to the Far East to follow up on sales of Urogastrone, whose main market was precisely Japan. So, I decided to combine the modern poultice with a well-known anti-inflammatory substance: diclofenac, to treat knee pain, back pain, and even arthritic pain. It worked – and Flector was born.
What was the regulatory process like then?
Very different from today but, in any case, even forty years ago it was necessary to prepare a complex registration dossier, within which it was necessary to indicate the technical characteristics of the product and their effect. In the case of Flector, instead of using a gel, or a cream to rub on the leg (as usually happened), we demonstrated that it was enough to apply our patch to the pain point, to obtain an anti-inflammatory activity
So, you had the idea and developed it internally?
There were very few people in IBSA at the time. We also used external centres for testing. Many tests were performed, in labs and in hospitals, and it was observed that the drug had an excellent effect. So, we started producing it. Or, rather, we had it produced in Japan.
That must’ve added costs...
Yes, of course. If you ask me how much of my personal money I invested, I’ll tell you right away: I had 1.2 million francs, obtained by mortgaging my house and pooling all my savings, plus a debt to IBSA of 2.4 million (to carry out the capital increase), which I used to pay off as needed, borrowing money from the banks. It was a question of luck... If you’re lucky, you get it right, like when you go to the casino: if you say red and it comes out red, you win; if it comes out black, you lose.
But this alone is not enough... To move forward and realise your projects, especially the most daring ones, you also need commitment, courage and cleverness, as you have said on various occasions.
Yes, but without luck, you fail.
What was your lucky break?
Getting the first product to market.
In reality it was the fruit of a nice intuition of yours...
Yes, that’s true. But then I worked 12 hours a day, for a long time, relentlessly…
And once Flector succeeded...
We also started to develop other drugs. Of course, our R&D centre was still rather plain...
IBSA’s historic headquarters in Massagno in the 1980s
How did you get your new ideas? Where did you find inspiration, since you didn’t yet have a permanent team of researchers within the company?
Necessity is the mother of invention. It’s like having a quiver with only one arrow in it. You start shooting that one arrow. If it reaches its destination, you can enrich your quiver.
In fact, you must have other arrows. This challenge didn’t scare me. It wasn’t the only one… When I was 28, for example, Zambon sent me to Belgium to open a new factory. I was alone. They took me and threw me up there and told me: make do! And I survived… In short, when I took over IBSA I was quite used to these adventures.
What do you remember about your very first days in the “historic” headquarters in Massagno?
The accountant was gone. The switchboard operator, who was 70 years old, or something like that, was gone too. The walls of the offices were all coloured... One ceiling was red, another black, another yellow, chaotically. And then there were the squat toilets.
They told me that you didn’t even like the reception...
I changed it all, piece by piece!
In fact, one can notice in your current locations, even in the more peripheral ones, a taste for beauty, for architecture...
Things, beautiful or ugly, cost the same. You might as well make them beautiful! It’s just a matter of taste.
The cosmos building is particularly elegant...
Yes, it looks like a 5-star hotel.
Has the search for beauty always accompanied your life (even your private one)?
Of course! For me it’s natural. I can’t do something ugly. I simply refuse to.
But you have to have this “need” for beauty inside you...
When I arrived in Belgium, as I told you, I was alone. I saw those huge fields, yellow, red, green... For my first customers I decided to have a special edition of Pinocchio prepared; illustrated, large format, in French and Flemish. An unusual choice perhaps for a pharmaceutical company, but it was beautiful, indeed, and it allowed me to make myself known in a different way.
What is your relationship with money?
I need money, but I don’t live for money. I need money to do things, but I drive a Panda.
How come?
When I was 40 or 50, I had a Mercedes (a very nice car) and I also bought a Maserati. But at 90 I don’t care. In fact, I would be ashamed... To tell the truth, in addition to the Panda I also have a 500 Abarth. I use the Panda in the winter, because it’s a 4x4 and always runs, even in the snow and ice. On the other hand, I use the 500 from March to September. I enjoy driving that car, on the highway, behind Porsches... I always reinvest the money I have in the company. IBSA has never distributed profits to shareholders.
Here too you go against the grain. There are many cases, however, of large companies that are squeezed like lemons just to pay a high dividend.
Incomprehensible to me... How can you do it? We invest a lot of money in our company: cosmos alone cost 140 million.
You obviously believe a lot in your projects...
That’s what I feel. To name another, in Avellino I founded Altergon, a company that employs 350 people. Before there was nothing. Now that company produces hyaluronic acid that is sold in many countries. It’s a great personal satisfaction, that no one can take away from me.
What is your social life like?
If possible, I avoid the spotlight. The less I’m seen, the more I enjoy myself.
hIBStory
He supervises the establishment of the Belgian subsidiary of the Zambon Group, developing and expanding the company in central Europe. 1963
Arturo Licenziati takes up the position of Vice President of Merck Sharp & Dohme (MSD).
Arturo Licenziati is called back to Zambon, where he develops all the research, production and commercial processes of the Swiss subsidiary. 1970
company, founded in Lugano in 1945, whose corporate name is – and remains – IBSA Institut Biochimique SA. The operations of this small laboratory are concentrated mainly in Japan.
6 million CHF 40 collaborators
Registration of Condrosulf granules in Switzerland
IBSA obtains its first patent for diclofenac epolamine (DHEP).
Registration of Solmucol granules in Switzerland
By investing 6 million francs, Arturo Licenziati renews the production lines, creates a Marketing and a R&D department, activating collaborations with research centres in Italy, France and the UK. He also starts the partnership with Laboratoire Genevrier (today IBSA France).
20 million CHF 72 collaborators
Registration in Switzerland of:
• Myrtaven capsules
• Ialugen cream
• Ialugen medicated gauze
Registration of Solmucol tablets in Switzerland
Registration in Switzerland of:
• Flector gel
• Condrosulf tablets
Arturo Licenziati begins to lay the foundations for what will be the largest subsidiary of the IBSA Group (IBSA Italy), by opening the IBSA Farmaceutici mailbox.
IBSA Pharma Kft. (IBSA Hungary) is established.
Registration of:
• Flector medicated plaster 180
preparations.
53 million CHF 120 collaborators
Registration of Diclofenac epolamine granules in Switzerland
Registration in Switzerland of:
• Fostimon (FSH) 75, 150, 225, 300 UI
• Meriofert (hMG) 75, 150, 225, 300 UI
Registration of Biovigor in Switzerland
francs.
Manno and Lamone, Switzerland, are inaugurated, as well as those of Qingdao Huashan Biochemical, China.
154 million CHF 240 collaborators
Gelfipharma (production site in Lodi 1, Italy) is acquired.
Transdermal patches and hyaluronic acid production is started. A new production site, Rizhao Lanshan Biochemical (IBSA China), is established, and the new freeze-dried production site in Lamone (Switzerland) is inaugurated.
IBSA Slovakia s.r.o. (IBSA Slovakia) is established.
263 million CHF
collaborators
Registration in Italy of Choriomon (HCG) 250, 1,000, 2,000, 5,000 and 10,000 IU
A new plant for the production of softgel capsules is opened in Manno (Switzerland).
FDA approves the marketing of the T4 hormone in softgel capsules.
2006
Registration of:
• Tirosint (T4) softgel capsules in Switzerland
• Tirosint (T4) softgel capsules in the US
IBSA İlaç San Ve Tic. Ltd. Şti. (IBSA Turkey) is established.
IBSA is the first European pharmaceutical company to introduce an anti-inflammatory into the US market.
2007
IBSA Foundation for children is established. IBSA enters the US market with Flector Patch (pain and inflammation) and Tirosint (endocrinology).
2008
Registration of Flector in the US
Registration in Italy of Tirosint multidose oral drop solution (T4)
Bouty Healthcare (production site in Cassina de’ Pecchi, Italy) is acquired.
2009
Official birth of IBSA Farmaceutici Srl (IBSA Italy), with 50 employees
2010
420 million CHF 1,289 collaborators
IBSA Poland sp. z o.o. (IBSA Poland) is established.
2011
Registration in Italy of Tirosint single-dose 4 dosages with alcohol (T4)
IBSA Foundation for scientific research is founded
IBSA Nordic ApS (IBSA Nordic) is established.
450 million CHF 1,430 collaborators
IBSA Pharma Inc. (IBSA USA) is established.
Registration of Tirosint Sol in the US
IBSA Pharma HK Ltd. (IBSA Hong Kong) is established.
2018
Registration of Tirosint Sol in Switzerland
The Instituto Bioquímico Ibérico IBSA SL (IBSA Iberia) is established.
2019
IBI, spol. s r.o. is acquired and IBSA Pharma s.r.o. (IBSA Czechia) is established.
2020
559 million CHF 1,748 collaborators
IBSA Pharma SAS (IBSA France), and IBSA Pharma GmbH (IBSA Austria), IBSA Pharma BV (IBSA Netherlands) and Yaral Pharma Inc. (US) are established.
2021
Registration in Italy of Tirosint Sol (Levotirsol)
(IBSA Belgium) and IBSA Pharma Oü (IBSA Baltic) are established. The cosmos production site – the largest production facility of the IBSA Group – is inaugurated, in Lugano.
2022
IBSA Pharma Pte Ltd. (IBSA Singapore) is established.
2023
Building on its experience, IBSA looks to the future with determination, investing in a new organisational structure to tackle tomorrow's challenges on a solid and structured basis.
883 million CHF 2,617 collaborators 2024
IBSA celebrates Arturo Licenziati’s 40 years of leadership 2025
PRODUCT HISTORY
“Small companies can survive only if they are intelligent, that is, if they solve problems that often seem insignificant to larger companies. The only way to achieve this is through research, which must be targeted at the needs of patients. We cannot compete with the big players: this focus on addressing the real needs of doctors and patients is the only way for a small company to grow. In every market segment, there are specific needs, and we aim to occupy those areas that are not the subject of particular study by multinational pharmaceutical companies.
What we can do is focus on molecules whose properties are already known, and identify unused or unexploited indications and applications. Based on market studies that highlight certain therapeutic gaps, we understand the needs of doctors and patients and are able to develop new pharmaceutical forms for known substances, making them easier to use”.
Arturo Licenziati
Condrosulf: the breakthrough
In 1985, IBSA was still a small player in the pharmaceutical sector, with just two products in its portfolio. The first was Urogastrone, an anti-ulcer drug distributed exclusively in Japan, which had been the company’s only stable source of revenue for years. The other was Condrosulf in hard capsules, a treatment for osteoarthritis launched in 1982, which had not taken off.
But Arturo Licenziati did not give up. He decided to bet everything on that underestimated active ingredient. He changed the form and the approach: in 1986, he launched granules, followed by tablets in 1991. The new format made Condrosulf more manageable and practical. Patients began to prefer it. Doctors recommended it. And success followed.
Driven by this first victory, Licenziati began to look beyond Swiss borders. In the late 1980s, he identified a small company near Paris, Laboratoires Genévrier, which produced ointments and tablets. A partnership was formed. IBSA brought production in-house and began registering its products in France. The results were immediate: sales soared.
What seemed like an experiment soon became an expansion model. Italy was the next step, followed by the United Kingdom, Belgium, and Spain. Then South Africa. Then Hong Kong. Wherever there was an uncovered niche, IBSA arrived.
But it wasn’t just about exporting. With his ever-active mind, Licenziati developed new ideas. Two insights became new products: the anti-inflammatory patch Flector Tissugel and the mucolytic syrup Solmucol. Simple, concrete innovations designed for those who actually use the medicines. This marked the beginning of a new era for IBSA.
Flector Tissugel: a plaster, an idea
It all started with a minor accident at the seaside. Arturo Licenziati injured his hand on a rock. Nothing serious, but enough to make him think: treating a wound in certain positions is awkward and ineffective. He recalled a trip to Japan, where he had seen a factory producing an innovative patch: soft, skin-friendly, adhesive, with an active ingredient spread on a special fabric. That’s when the idea struck.
In IBSA’s patent drawer, there was already a precious ingredient: diclofenac epolamine, a salt soluble in water and fats. The idea was simple and brilliant: combine that Japanese technology with a powerful active ingredient to create a patch capable of slowly releasing the drug directly onto the skin, where it was really needed. Thus, Flector Tissugel was born, officially registered in 1993. But that was just the first step. Flector became a whole family of pain relief solutions: the spreadable gel (1991), sachet granules (1995), injections (2015), and capsules (2021). Each version had a precise target, a function designed to improve the patient’s experience.
And it didn’t stop there. In 2007, IBSA achieved another milestone: it became the first European pharmaceutical company to bring a topical anti-inflammatory to the United States. Flector became a symbol: of practical innovation, of the ability to listen to patients, of the intuition that turns a simple idea into a global success.
Solmucol syrup: a bottle that changes everything
It all started with a simple question: why should a syrup be so complicated to prepare? Arturo Licenziati, as often happened, identified a real problem reported by doctors and pharmacists. Too many mucolytic formulations required manual reconstitution: pouring, shaking, hoping the dosage was correct. Impractical and imprecise.
So, he gathered his technicians and set the challenge: find a simple, safe, ready-to-use solution. The problem was that N-acetylcysteine, Solmucol’s active ingredient, was highly unstable. But the solution came: a glass bottle containing the liquid, a cap holding the powder, and in between, a thin aluminium membrane sealed with thermolacquer. Press, break the barrier, shake. And the syrup is ready. Brilliant in its simplicity.
Not only that: this technology allowed working with significant amounts of active ingredient –up to 20 grams – surpassing the limits of traditional solutions.
A small revolution in pharmaceutical packaging that, in 1995, earned Solmucol the award for the most innovative packaging from the Italian newspaper Il Sole 24 Ore.
IBSA didn’t stop there: from syrup, they moved to granules, effervescent tablets, and orodispersible tablets. The principle remained the same: making life easier for those who actually use the medicine. This practical focus turned Solmucol from a simple mucolytic into a symbol of a new way of innovating.
Gonadotropins: a challenge won
Gonadotropins are hormones naturally produced by the pituitary gland that, once released into the blood, accumulate in urine, particularly abundantly in menopausal and pregnant women.
After the fire at the Massagno plant, Arturo Licenziati decided it was time to reinvent the company. Among the many options, he chose the one everyone advised against: investing in gonadotropins. Too complex, too expensive, too risky. A niche sector, destined – according to many – to disappear within ten years.
But Licenziati, as always, went against the tide. In Lamone, he built a tailor-made plant exclusively dedicated to the production of gonadotropins. Thus began one of the most daring industrial adventures in IBSA’s history. The heart of the process was thousands of kilometres away: in China, in the densely populated villages of the eastern coast, where hundreds of thousands of litres of urine were collected daily from menopausal women. A first processing step took place on-site, then the material – concentrated into a crude powder – arrived in Switzerland.
For every 600,000 litres collected, only 3 kg of useful powder reached Lamone. From there, after a rigorous and delicate process, over 200,000 vials of injectable medicine were produced. It was a complex supply chain, requiring high-level chemical, biological, and engineering expertise. But it worked.
In 2013, IBSA introduced another groundbreaking innovation: a new water-soluble formulation of progesterone, administered subcutaneously. It was unique on the global market. It simplified the lives of patients in Medically Assisted Reproduction (MAR) programmes, improving local tolerability and treatment adherence.
All this happened under the strictest rules: aseptic production conditions, continuous microbiological controls, heavy investments in sterile environments.
One figure says it all: 1 m² of aseptic area costs six times more than 1 m² of packaging area. But IBSA never feared costs when the goal was quality.
Today, that courageous investment has become one of the pillars of the company’s growth. IBSA is among the top four companies worldwide in reproductive medicine. And it all started with a counterintuitive choice.
Softgel capsules: a technology developed by IBSA
With the acquisition of Gelfipharma in 2001, Arturo Licenziati saw the potential of applying PEARLtec technology to medicines, a technology initially used only in the field of food supplements.
In 2006, the new Manno plant was inaugurated, specialising in the production of thyroid hormones T4 and T3 in oral liquid solutions and softgel capsules. On 13 October of the same year, the US Food and Drug Administration (FDA) authorised the marketing of Tirosint softgel capsules for the American market.
The oral intake of certain medicines in solid form presents technical challenges, as some active ingredients can be oily or poorly water-soluble.
PEARLtec technology allows the incorporation of a liquid matrix into a continuous soft gelatine shell, forming the softgel capsule.
This technology offers several important advantages: improved stability of the active ingredient, cold processing to avoid the overheating generated in the compression of traditional tablets, and, above all, highly precise dosing.
With PEARLtec technology, it is possible to take a liquid solution in solid form, ensuring dosage uniformity, particularly for formulations with very low concentrations.
Once in the stomach, the gelatine capsule dissolves, releasing the already dissolved active ingredient, which is rapidly absorbed.
Levothyroxine (T4), vitamin D, and diclofenac are just a few examples of active ingredients in softgel capsules that IBSA makes available in therapeutic areas of significant social impact –areas that had not seen significant innovations in administration methods for a long time.
Hyaluronic acid and new cooperative hybrid complexes
On several occasions over the years, Arturo Licenziati summarised his entrepreneurial vision as follows:
“We cannot compete with the big players: this focus on addressing the real needs of doctors and patients is the only way for a small company to grow”.
Thanks to its properties, hyaluronic acid (HA) can be used in various medical and cosmetic fields. Its diverse applications depend on molecular weight and degree of purity.
For years, extraction from animal tissues was the primary method of producing hyaluronic acid. In 1989, Shiseido was the first company to develop and patent its fermentative production.
To produce hyaluronic acid through bio-fermentation, various bacteria are used, and the most important steps to obtain a product with a high degree of purity are extraction and purification.
In 2011, Arturo Licenziati launched a new entrepreneurial initiative with Altergon Italia, developing and patenting an innovative biotechnological fermentation process for the production of hyaluronic acid with a high degree of purity.
The patent recognised the originality of the production process for injectable pharmaceuticalgrade hyaluronic acid. Altergon is now among the world’s leading companies in the production of injectable-grade hyaluronic acid.
Although many hyaluronic acid-based products are available on the market, in recent years, IBSA has developed several innovations in collaboration with the Università Vanvitelli in Naples (Prof. De Rosa and Prof. Schiraldi).
Among these, the new hybrid cooperative complexes of high and low molecular weight hyaluronic acid (H-HA and L-HA) and hyaluronic acid and non-sulphated biotech sodium chondroitin (SC) stand out. These were developed at the biotechnological laboratories of IBSA’s site at Qingdao Huashan Biochemicals (IBSA China).
IBSA’s portfolio of hyaluronic acid-based products includes a range of preparations developed for intra-articular use, aesthetic medicine treatments, wound healing, and uro-gynaecological solutions.
High and low molecular weight hyaluronic acid (HA-HL) hybrid complexes
Through NAHYCO technology (i.e. sodium hyaluronate hybrid complex, a unique patented thermal process carried out at the Lodi site), high and low molecular weight hyaluronic acids are mixed to produce a hybrid cooperative complex, where short and long chains are linked by hydrogen bonds without the use of chemical cross-linking agents.
Thanks to this innovative treatment:
• a high concentration of hyaluronic acid can be achieved, without compromising the ease and safety of the procedure (i.e. the injection);
• resistance to the degradation operated by hyaluronidases can be improved, since the hyaluronidase enzyme is unable to recognise the conformation of these complexes.
Moreover, the tolerability of the hybrid complex is ensured by the absence of chemical modifications that could increase the risk of reactions. Excessive cross-linking, in fact, makes the polymer less hydrophilic, promoting localised reactions such as pain and swelling. Cross-linking could also increase the product’s immunogenicity, making it less similar to natural hyaluronic acid.
Cooperative hybrid complexes of sodium hyaluronate and sodium chondroitin biotech
The technological excipient used by IBSA to regulate the viscosity of high-weight, highconcentration hyaluronic acid solutions is biotechnological (biotech) or non-sulphated chondroitin (SC).
IBSA can produce non-sulphated chondroitin through a patented biotechnological fermentation process. The use of non-sulphated chondroitin allows for a higher concentration of glycosaminoglycans without a significant increase in viscosity.
WHERE IBSA PRODUCTS ARE BORN: A JOURNEY BETWEEN INNOVATION AND TERRITORY
It all began in 1999, when a fire broke out in the warehouse and adjacent factory of the Massagno offices. Nothing remained: laboratories, raw materials… everything had to be rebuilt.
The event gives new momentum to investments: Arturo Licenziati decided to relocate to Collina d’Oro, where he purchased a first building to restart production as soon as possible, followed by a second building, and two more in Lamone and Manno.
This marked the beginning of an extraordinary industrial development programme.
Collina d’Oro, Switzerland – Rebirth after the flames
After the devastating fire at the Massagno facility, IBSA refused to give up. Instead, it relaunched. Thus, the Collina d’Oro production site was established, a symbol of rebirth and determination. Here, production resumed with vigour, leading to the creation of syrups, creams, ointments in tubes, oral liquids in sticks, tablets and capsules in blisters, as well as granular powders in sachets.
A versatile plant serving multiple therapeutic areas: from osteoarticular to urological, up to pain management, respiratory and cardiometabolic. Each production line represented a concrete and innovative response to emerging therapeutic needs.
Qingdao Huashan Biochemicals, China – At the source of fertility
In 1996, Arturo Licenziati looked to the East with a new idea: developing fertility hormones. With his technicians, he devised an original purification method. However, raw materials were needed: these were found in China, in Shandong province. It was there, in well-organised villages where every menopausal or pregnant woman was registered, that IBSA found fertile ground. After 18 months of bureaucratic procedures, the Qingdao Huashan Biochemicals production site was born in 1998.
Salvatore Cincotti recalls that period: “When Dr. Licenziati entrusted me with the project to develop hormones in China, Shandong province offered the ideal conditions for collecting raw materials (i.e. urine from pregnant and menopausal donors). We could rely on a highly organised village system, with easy access to homes and potential donors, thanks to registers listing the names of pregnant and menopausal women”
Today, the site spans over five hectares, housing four production facilities, two R&D platforms, a vivarium, and a full quality control department. Hormones such as hCG and hMG are processed here before continuing their journey to Lamone for final purification. In 2016, an innovative project was launched for the biotechnological production of polysaccharides through fermentation and ultrafiltration processes.
Alessandro Ruggiero recounts: “In twenty-seven years, we have expanded significantly. In 1998, the company occupied 2,580 m², with a buildable area of 950 m² and only 80 m² of green space. Today, green areas cover 9,000 m², the total area is ten times larger, and we still have 27,000 m² available for future expansion. We started with 12 employees; now our team numbers almost 100”.
By 2017, the occupied area grew from 10,000 m² to 26,000 m². Industrially, this involved the construction of a fermentative chondroitin production plant, a crude hMG production plant, a wastewater treatment system, and a solvent storage park.
Lamone, Switzerland – Purity as a rule
In 2002, IBSA inaugurated the Lamone facility, entirely dedicated to protein purification. This sophisticated plant, the beating heart of the company’s industrial strategy, required significant investment and precise planning. Here, rigorous scientific methods and cutting-edge technology are employed to produce gonadotropins such as FSH, hMG, and hCG, extracted from the urine of menopausal or pregnant donors.
The production process begins in China, in Qingdao, with urine collection and raw material preparation. But it is in Lamone where the real transformation occurs: purification takes place under absolute aseptic conditions, to ensure the complete absence of contaminants and preserve the glycoprotein structure of the hormones.
The purified hormones are then lyophilised and packaged in a fully controlled environment. Each stage is subject to stringent microbiological checks. IBSA’s analytical laboratory is one of the few in the world recognised by the World Health Organisation (WHO) for conducting precision analyses on fertility hormones.
It is also in Lamone that a unique formulation of water-soluble progesterone was developed, administered subcutaneously and used in Medically Assisted Reproduction (MAR) protocols. This innovation significantly improves patient tolerance and treatment adherence.
Investment in Lamone is ongoing. IBSA has progressively enhanced production lines, improving efficiency and output. With an average of 25 million vials per year, Lamone is today a symbol of IBSA’s ability to combine research, quality, and industrial excellence.
Manno, Switzerland – Innovation in a capsule
In 2000, Arturo Licenziati established the R&D laboratories in Manno. Six years later, one of the group’s most advanced facilities was born: a plant entirely dedicated to the production of softgel capsules. This versatile and ever-expanding pharmaceutical form lends itself to multiple
The Manno site quickly established itself as a centre of excellence, even earning approval from the US Food and Drug Administration (FDA). By combining scientific research and industrial production, IBSA creates cutting-edge products in a highly regulated and competitive environment.
CorPharma and cosmos: IBSA’s new beating heart in Ticino
It all began almost by chance in 1999, when Licenziati, after the Massagno fire, purchased several buildings in the Pian Scairolo area of Canton Ticino. No one could have imagined that this episode would lay the foundations for an entire industrial district. But Licenziati already had a grander vision. In 2001, he expressed his intention to develop a project on the only undeveloped plot in the area, with a clear and ambitious goal: to unite all IBSA activities under one roof, anticipating the modern concept of all-round sustainability, integrating social, environmental and economic vision.
For him, nothing is wasted; everything is transformed: every refurbished building becomes part of a system that prioritises beauty, efficiency, and liveability. This thinking guided the entire development of what would become IBSA’s new home.
Not even the pandemic could halt this vision. With determination, in 2022, cosmos was born – the largest pharmaceutical facility ever built by IBSA. Multi-storey and multi-product, the site doubles the volume of an existing building and marks a leap forward in technological and architectural terms.
The renovation aimed for much more than mere expansion: the goal was a modern, sustainable industrial plant with high architectural quality, production lines managed by advanced systems, and materials chosen for their sustainability. Green spaces, a recurring and dominant feature, complete the facility’s identity.
Today, cosmos houses state-of-the-art departments dedicated to the production of:
• pre-filled syringes (PFS);
• single-dose strips for thyroid hormones;
• oral solids (hard capsules, tablets and intermediates for syrups).
But cosmos is just one piece of a larger plan. The idea is to centralise all IBSA sites, previously scattered between Lamone, Cadempino, Manno and Collina d’Oro,
to support the company’s exceptional growth. Confirming this vision, in 2024, the cantonal authorities and the municipalities of Lugano and Collina d’Oro officially approved the PQ4
Garaveggia Neighbourhood Plan, marking the birth of the CorPharma district.
The result of years of commitment to harmonious integration into the territory, CorPharma now houses:
• the IBSA Group Headquarters (1);
• cosmos (2);
• genesis (3), a recently expanded building with 112 new workstations;
• other buildings supporting corporate activities.
Another Licenziati innovation is the underground tunnel between the Headquarters warehouse and cosmos: 210 metres length beneath one of the busiest roads in Canton Ticino. Inaugurated in June 2024, it enables the automated transport of 350 pallets per day, reducing road traffic, environmental impact, and improving logistical efficiency.
Building this infrastructure required two years of work, intense multidisciplinary effort, and advanced technical solutions. An engineering feat that symbolises a new, safer, and more sustainable approach to logistics.
And there’s more: from 2026, cosmos will also host the production department for gonadotropins used in Medically Assisted Reproduction (MAR), transferring the activities currently carried out in Lamone to this hub.
IBSA’s growth accelerated decisively thanks to targeted investments by Licenziati in Italy.
IBSA Italy: an industrial and strategic pillar of the Group
The journey began in 1992 with the founding of IBSA Farmaceutici Italia, followed by strategic expansion through acquisitions: AMSA in 1996, Gelfipharma in 2001 (now the IBSA Lodi 1 site), and Bouty Healthcare in 2010 (now the IBSA Cassina de’ Pecchi site).
The acquisition of Gelfipharma in 2001 represented a real challenge: the facility was in poor condition. But Licenziati was undeterred and initiated a deep, progressive restructuring, building a new production unit and installing high-tech lines to develop innovative solutions for drug delivery, medical devices and food supplements.
The Lodi 1 site specialises in finished products based on hyaluronic acid and houses an advanced sterile plant for pre-filled syringes. Today, it serves all Group markets with:
• injectables (aseptic and terminally sterilised), in traditional vials and pre-filled syringes;
• topical formulations (creams, gels, solutions), including with BoV (Bag-on-Valve) technology;
• softgel capsules.
The production lines are technologically advanced and sustainable. Investments in modernisation have led to high efficiency standards, making the site a certified centre of excellence by major international regulators, including the FDA.
In 2009, Licenziati decided to merge the subsidiary AMSA.
In 2010, IBSA Farmaceutici Italia officially began medicalscientific promotion, with its first 50 pharmaceutical reps.
That same year, IBSA acquired Bouty Healthcare, founded in 1994 and based in Cassina de’ Pecchi, near Milan.
Cassina de’ Pecchi
Bouty brought to IBSA two decades of expertise in producing:
• medicated patches for topical and transdermal use;
• patches with natural active ingredients for cosmetic applications and medical devices;
• orosoluble/orodispersible films (ODF).
Precisely the orodispersible films represent one of the site’s most advanced technologies.
In 2017, production of sildenafil in orodispersible film began, followed in 2019 by food supplements in the same formulation. IBSA thus distinguishes itself as one of the few European players active in both pharmaceuticals and nutraceuticals.
In 2019, IBSA Farmaceutici Italia and Bouty Healthcare officially merged, consolidating the Group’s presence in the country.
Today, IBSA Italy comprises:
• the antares headquarters in Lodi;
• two production sites of Lodi (ex Gelfipharma) and Cassina de’ Pecchi (ex Bouty);
• three research and development laboratories;
• a representative office in Rome.
Over 25 years of activity, Licenziati has made significant industrial investments: IBSA Italy remains the subsidiary where the Group invests the most, enhancing production capacity and commercial networks, generating employment and innovation.
The product portfolio is broad and diverse: it spans ten therapeutic areas and includes medical devices, prescription drugs, over-the-counter medicines, and food supplements.
Lodi 1
The voices of IBSA
Article written by Paolo Rossi Castelli
It all began forty years ago in Massagno, in that small building at Via al Ponte 13, with its grey plaster, green shutters and five steps leading to a small, gloomy entrance (never particularly liked, at least at first, by Arturo Licenziati), carpet everywhere (even on the walls of the meeting room), offices with mismatching ceiling colours, following a logic difficult to decipher, and squat toilets. In August 1985, the old IBSA – a company founded in 1945 by a group of Swiss biochemists – was located there, and it was from there that Licenziati had to relaunch it under new management.
In truth, in 1985 IBSA was close to bankruptcy, with just a few dozen employees and a modest turnover of about 6 million Swiss francs, generated by only two sources: the nearly exhausted production of antibiotics and a drug for the treatment of ulcers, Urogastrone. “That medicine, which was sold exclusively in Japan, was the only product bringing in any real margin”, recalls Antonio Melli , current Vice-President of IBSA. “The rest of the situation was disastrous”.
The company’s troubles had begun about 6 years earlier, in 1979, with the collapse of antibiotic exports, which had accounted for around 70% of total sales.
“Between the late 70s and 1985” , continues Melli, “IBSA couldn’t replace the significant drop in revenue with new products. New capital was injected but quickly used up due to the company’s weak financial position. Those were very different times from the IBSA we know today. I remember them well”.
Why, then, did Licenziati – aged fifty at the time – choose to take such a risky gamble, investing and mortgaging all his assets, to acquire a company that was now at the end of the line?
He was a successful executive (then leading Inpharzam, the Swiss branch of Zambon, after opening other European offices for the Italian group), with a stable job and – presumably –a solid salary package.
Perhaps it was his accumulated experience and a taste for (calculated) risk that convinced him to take a new, more dangerous –but certainly more exciting – path.
“A friend had told him about IBSA, a small company that was said to be for sale” “The owners were likely out of resources and had therefore come to the decision to sell their business. Licenziati jumped at the challenge – I believe he wanted to prove what he was capable of as an entrepreneur too. Thanks to his reputation at Inpharzam, he had excellent credibility with Swiss banks, which allowed him to secure the support needed to relaunch the company. But, of course, he had to risk everything he had built up until then”.
So began the new life of Licenziati – and of IBSA – in the small Massagno building that housed both the offices and the factory. The first thing he did was call the decorators and have everything repainted white inside. Then he made the entrance more welcoming. And naturally, he and the small initial team focused all their efforts on stabilising the company’s finances – not a simple task.
“IBSA was not very large, but it still had a lab and a production line”, recalls Michela Lazzaroni , who was in charge of the purchasing office at the time. “Most of all, there was a strong desire to build something. Licenziati was always present, attentive to each of us. He knew how to listen, and he would reply with extreme clarity and with a sense of respect (sometimes, if necessary, with a bit of sternness).
He was a father figure, highly respected. We often met in the early mornings by the fax machine (the only one in the company) in the secretary’s office, next to his office. Together, we’d go over the overnight messages – hoping for some new orders – and we sorted them by recipients. Very often Licenziati brought us coffee, and we talked about those documents: it was a moment of interaction and connection, in a warm, family atmosphere”.
Rosalba Brogna and Maria Teresa Gilardoni , who joined the company sometime later, add: “There were three main departments: liquids, powders, and packaging. Everything was done manually, aided by semi-automated machines. We weighed ingredients by hand, mixed creams, filled tubes one by one, and packed them with the patient leaflets. Making a single batch of ointment took an entire week”.
IBSA’s struggle for survival relied on Urogastrone, but also on contract-manufactured eye drops, small-scale productions including distilled water for a veterinary lab in Lugano, ointments and whatever else could provide financial support to the company.
As they say: nothing was ignored, as long as it brought in a bit of margin. “In 1988 and 1990”, explains Melli, “we secured a contract to package an antibiotic made by an Italian company for the US market. Back then, Switzerland was already viewed as a pharmaceutical leader, so the US regulatory requirements were less stringent than for other countries. Packaging took place in the appropriate departments, but after normal working hours: around 4:30 pm, reinforcements arrived, with help from Licenziati himself, Mrs. Isabella and several employees, tasked with filling the bottles with 100 capsules each using an old but reliable King capsule counter. That business proved essential to ensure IBSA’s future in those first difficult years: it allowed us to move on and start investing in Research & Development and new production facilities and commercial activities”.
A growing company, but still a family-run business. Licenziati knew everyone by name. At Christmas, he would personally deliver bonus envelopes; at Easter he would toast in the departments. He would also bring mimosa flowers on International Women’s Day.
“He created an environment” , recalls Rosalba Brogna, “where everyone felt part of something. We were a small group that did everything: from capsules to ointments, from weighing to packaging. And there weren’t many written procedures; you learned on the job, often by heart, or writing down notes in a notebook... It felt like working at home. We paid attention to waste and details. When we had to leave the Massagno site, it felt like saying goodbye to a part of our life”.
Licenziati knew, however, that investing in innovation and new drugs was essential. After a trip to Japan, he had the insight to develop the Flector Patch, adapting a transdermal format – the medicated patch – widely used in the Far East for aesthetic treatments, but not yet for drugs.
“As an active ingredient” , says Melli, “we used diclofenac-epolamine, a molecule patented by IBSA that was both water-soluble and fat-soluble, making it ideal for topical application. That was the real turning point for IBSA”.
Indeed, looking at the graphs showing the trend of the company’s turnover, there are no particularly sharp spikes, but a linear, constant and, in some respects, impressive growth (precisely thanks to Flector and the many other drugs that have been gradually introduced onto the market).
In fact, every ten years, IBSA’s turnover has grown exponentially: in 1985 it was 6 million Swiss francs; in 1995 it rose to 65 million; in 2005 it went to almost 300 million; in 2015 to 450 million. Finally, this year (2025) it could reach one billion francs.
“Our strategy”, explains Melli, “was to develop innovative drugs and delivery systems starting from well-known, off-patent active ingredients ‘drugs in the best form’. We invested a lot in people, Research & Development, production facilities and marketing.
Initially, we focused only on the Swiss market: we had no subsidiaries abroad, because we did not have the necessary financial capacity... Then, little by little, we began licensing our products to other companies, including multinationals, that were present in various countries with a widespread distribution network. The next step was the direct acquisition of our own foreign distributors and the opening of commercial subsidiaries in Europe, China and the United States”.
Our workforce also grew with the business, but without losing the original spirit. “Despite his top role, Licenziati was one of us” , says Maria Teresa Gilardoni. “He used to say:
A single pencil breaks. Many pencils together do not.
And we are all these pencils. He conveyed a sense of teamwork and the importance of the group.”
A style that conquered his employees’ hearts: “The day my son was born” , recalls Michela Lazzaroni, “Dr. Licenziati came to visit me in the hospital with a huge bouquet of roses. I will never forget that” .
A romantic man, but also a determined entrepreneur. “When I first met him for my job interview” , recalls Tiziano Fossati , current Head of Products Development at IBSA, “he told me:
Today we produce a million units; I want to double that in a few years. And I will.
He was right. Today it’s over twenty million!”. Fossati came from Novartis, where everyone, in a sort of perfect mechanism, was called upon to deal with a single piece of work.
“In IBSA, on the other hand” , he says, “the interaction between departments was constant and indispensable. Rules were not always clearly defined; it took an entrepreneurial mindset”. Of course, sometimes, you also had to deal with some small inconvenience... “When I started working in the company” , Fossati recalls, smiling, “my first office was inside the room where the company servers were also located!
Too noisy to work... So I found another desk. Nothing was perfectly organised in IBSA, but that flexibility also became a strength: we had to adapt and act independently”.
This adaptability became crucial during one of the darkest moments for the company: the 1999 fire that destroyed the factory annexed to the Massagno building.
“I was at home on maternity leave” , recalls Michela Lazzaroni, “and I could see the flames through my window, because I lived right across the valley. Luckily, no one was hurt, but the fire raged for hours, because the building had partially wooden floors, and the blaze had started in the warehouse, full of paper and many other inflammable materials. In the end, there was nothing left: laboratories, raw materials… everything to be bought and rebuilt. But it was also a turning point: we moved to Collina d’Oro, we built new facilities, we reorganised... That’s when IBSA really began to grow”.
The value of sustainability
In June 1985, as he crossed the threshold of that laboratory on the brink of failure, Arturo Licenziati thought about how he could transform that small reality.
The future of the new IBSA could not be limited to economic development: it had to include sustainability.
For Licenziati, the word sustainability held a very broad meaning, closely tied to the concept of regeneration, where beauty, the centrality of people, balance, and ethics are the core elements of every strategic decision.
In May 2001, Licenziati expressed his intention to develop a project on the only undeveloped plot of land in Pian Scairolo, in Canton Ticino (Switzerland), with the aim of bringing together all of IBSA’s activities.
Building was not enough: it was necessary to preserve resources, improve them, and turn every intervention into an opportunity to create beauty and harmony.
In 2024, the PQ4 Garaveggia district plan (also known as the CorPharma district) was officially approved by the cantonal authorities and the municipalities of Lugano and Collina d’Oro. The CorPharma district project, born from Licenziati’s original vision, became a reality.
Looking to the future with the awareness that every enterprise, beyond economic results, has a duty to give back value to the community and the territory is the philosophy that led to defining the pillars on which IBSA is founded: Person, Innovation, Quality and Responsibility.
In 2021, the “IBSA Close to You” claim was born, a vision embracing the values of sharing, sustainability, innovation, and beauty, translated into actions and investments for the community. This common thread gave life to a series of projects, concretising the company’s commitment.
At the heart of this vision is the symbol of the four-leaf clover. “IBSA Close to You” signifies placing people at the centre of the ecosystem, growing and evolving, and establishing oneself as an actor and promoter of real change.
Sustainability as a foundational and cross-cutting value
The path IBSA has chosen for its future is one of sustainability integrated into social, environmental, and economic domains. This commitment was formalised for the first time in 2015 with the publication of the first Sustainability Report. In 2024, IBSA published its sixth Report, showing how far the company has progressed and how strong its determination is to be present in the therapeutic field and – above all – to promote well-being and innovation.
Thus, the journey evolved from a clear vision – reconciling innovation and sustainability – to a defined goal: creating a balance between technological progress, social well-being, and respect for the environment. A sustainability that is not limited to the environment, but becomes a cross-cutting value, permeating every aspect of the corporate strategy, including initiatives aimed at improving employee well-being and generating a positive impact on the community.
Workplace safety, professional growth opportunities, and training programmes are the cornerstones of a commitment that looks to the future of people and the planet.
In line with the United Nations’ Sustainable Development Goals (SDGs), IBSA integrated 8 of the 17 goals into its corporate strategy, focusing on those that best reflect its impact and contribution. This commitment has translated into concrete actions, such as joining the UN Global Compact in 2023, a choice that strengthens the company’s responsibility in the areas of human rights, labour, the environment, and the fight against corruption.
The Sustainability Manifesto: a shared commitment
IBSA’s commitment to sustainability has been a step-by-step process, developing over time from Licenziati’s far-sighted vision. Today, this commitment is a reality that embraces every level of the company, guiding its present and future development. A journey that led to building a multinational company solid in its values and sensitive to the environment, and that enabled the design of a district comprising buildings, offices and facilities perfectly aligned with this premise. To give shape to this integrated approach, in 2024 IBSA decided to codify its philosophy in a strategic document that serves as a reference for all its activities.
The Sustainability Manifesto was born as a declaration of intent and a guide for future challenges. This document consolidates the values that have always driven IBSA, projecting them toward ambitious goals, organised around three fundamental pillars: circular prosperity, social harmony, and environmental care.
1. Circular prosperity: creating shared economic value by promoting sustainable and collaborative business models.
2. Social harmony: fostering people’s well-being through initiatives that improve quality of life and promote inclusion.
3. Environmental care: integrating sustainable practices into every phase of the production process, from the selection of raw materials to product distribution.
Well-being of our People and our communities
More ethical and responsible business practices
Scientific research
Important investment in technology upgrades and new operating models
Beyond sustainability
What sets IBSA apart is its ability to go beyond the traditional boundaries of responsibility, embracing a much broader concept. It is not just about offsetting environmental impact, but actively contributing to building a better future. An approach that is also reflected in the desire to engage in a dialogue with younger generations, transmitting the values of ethics, care, and innovation.
Licenziati chose to communicate through concrete actions, leveraging quality, innovation and responsibility, attributing a critical role to social responsibility – a role that over the years has given rise to:
• IBSA Foundation for children, established in 2008 to provide tangible support to the company’s employees and promote a better balance between parenthood and work commitments. Today, the Nido Primi Passi nursery is also open to the local community, and has been officially recognised by the Canton Ticino authorities.
• IBSA Foundation for scientific research, established in 2012 to promote a “science for all”, through initiatives that foster dialogue between humanistic and scientific knowledge, with approaches involving the community at all levels (from institutions to schools) and creative, innovative language to educate younger generations and inspire their growth paths.
SCIENCE FOR ALL
2012
IBSA Foundation was born
Following the will of Arturo Licenziati and under the guidance of Silvia Misiti, IBSA Foundation for scientific research is founded, with the mission of spreading a science for all through accessible information and activities that support research, training and dissemination by combining humanistic and scientific culture.
2016
Parole Fertili (Fertile Words)
2013
IBSA Foundation Fellowships
The first call for IBSA Foundation Fellowships is launched. Intended for researchers under 40, these fellowships aim to enhance research projects in scientific areas that are generally underfunded.
Creation of this narrative and sharing project, conceived as a digital story-sharing community to allow people who encounter difficulties in procreation to share their story and read other experiences.
2013
Scientific forums
IBSA Foundation organises its first scientific forum, followed by 25 more over the following years. These are free and public days, in which international speakers delve into frontier issues in science and health.
2017
IBSA Foundation Scholarships
Since the first academic year, with a ten-year agreement, IBSA Foundation has been supporting the Faculty of Biomedical Sciences of USI – Università della Svizzera italiana, assigning scholarships renewable annually for Bachelor’s and Master’s students.
foster dialogue between apparently distant disciplines such as art and science. From 2017 to 2022, 10 events were organised.
2018
IBSA Foundation inaugurates Let’s Science!, the creative and multisensory path of scientific dissemination dedicated to the youngest. The aim of the project is to promote science and health through exhibitions and experiential workshops, while directly involving the kids also in the creation of informative comics.
2020
Cultura e Salute (Culture and Health)
IBSA Foundation and the City of Lugano present the project Cultura e salute (“Culture and Health”), created to promote synergies between the world of culture and that of health and to demonstrate the benefits of cultural activities on people’s well-being. Among the initiatives: the website www.culturaesalute.ch, university courses for medical students at USI Lugano, applied research projects and thematic conferences.
2022-2023
Carlo Cattaneo House
On the occasion of its 10th anniversary, IBSA Foundation moves to the historic Casa Carlo Cattaneo in Castagnola–Lugano, completely renovated. This place of cultural importance is transformed into a laboratory of research and thought, a new point of reference for the City of Lugano.
2019
Ticino Scienza (Ticino Science)
IBSA Foundation, together with science journalist Paolo Rossi Castelli, launches Ticino Scienza, an online newspaper to inform about the intense research activity – public and private –present in the Canton Ticino.
2023
SciArt SwitzerlAnd
IBSA Foundation, MASI Lugano and LAC Lugano Arte e Cultura organise the first SciArt SwitzerlAnd meeting, a project born within an international research path on Science and the Arts to promote scientific culture within cultural institutions.
2024
Lugano Happiness Forum
IBSA Foundation organises the Lugano Happiness Forum, the first in Switzerland dedicated to the study of happiness and human well-being, bringing together international experts to share the latest scientific discoveries on the topic.
2025
Social Prescribing
IBSA Foundation, the City of Lugano and USI’s Institute of Family Medicine launch the first pilot clinical study of social prescribing in Switzerland, with the aim of promoting the medical prescription of cultural activities for patients over 65.
IBSA Institut Biochimique SA Via del Piano 29 CH 6926
Collina d’Oro - Montagnola Svizzera
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