Corporate Credit Rating for BIOVALLEY INVESTMENTS PARTNER SPA: B1+ (Affirm) 04/02/2026

modefinance published the Solicited Corporate Credit Rating of BIOVALLEY INVESTMENTS PARTNER S.P.A. on the website and the rating assigned to the entity is B1+ (Affirm). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

Founded in 2016 by Diego Bravar, BIOVALLEY INVESTMENTS PARTNER S.P.A. (also “BIP” or the “Group”) is primarily controlled by BIOVALLEY GROUP, the Bravar family’s family office, which holds 29.69% of the share capital, followed by FRIULIA S.p.A. with 20.5%. The remaining stake is held by numerous private investors, largely acquired through an equity crowdfunding campaign aimed at strengthening the Group’s positioning. BIP is a pharmaceutical company and an industrial holding company headquartered in Trieste, active in the research, marketing, and sale of orphan drugs, as well as in investments in innovative companies operating in advanced technologies for medicine and life sciences.

The Group operates through two complementary Business Units: BioTech & Pharma and BioICT (CB Sistemi, Trieste Valley, and BIC FVG). Its strategy focuses on identifying breakthrough technologies and scientific discoveries, integrating them within the Group’s SMEs, and bringing them rapidly to the market in the healthcare sector..

BIOVALLEY INVESTMENTS PARTNER S.P.A. confirms a sound economic and financial position, characterized by solid capitalization and a proper financial balance. 

The Net Financial Position (NFP) decreased from €7.7 million to €6.5 million, primarily due to the conversion of the BIP bond into equity and shareholders’ capital contributions. Profitability shows signs of improvement, although it remains limited. In the short to medium term, Management expects pharmaceutical sales to consolidate, driven by the launch of a new orphan drug starting in the second half of 2025 and the successful award of numerous regional public tenders over the past two years. This growth will be accompanied by the development of healthcare IT, supported by the integration of new software solutions based on a private AI platform. 

The Group’s strategy focuses on internationalization, leveraging ongoing negotiations with multinationals and distributors to expand ChemoMaker into EU and non-EU markets, and envisages a listing on Euronext Growth Paris by 2026, with the aim of raising capital to support strategic equity investments and to consolidate the Group’s growth. In 2024, growth in sales of ChemoMaker, technical assistance services provided by LOGIC, and services delivered by BIC INCUBATORI generated operating cash flow which, together with proceeds from the disposal of non-strategic shareholdings, enabled the Group to cover its investment needs, increasing liquidity from €0.8 million to €1.1 million. In particular, the Group built a state-of-the-art data center, which also hosts Trieste Valley’s High-Performance Computer, enabling the deployment of private artificial intelligence solutions developed in collaboration with innovative local companies. In addition, the Group continued its research and development activities, including those related to insulin biosimilars and the integration of the ChemoMaker software with hospital information systems.

The management of BIP’s credit lines remains sound, characterized by timely payments and the absence of financial stress.

BIP is governed by a collegial Board of Directors, chaired by Diego Bravar, and composed of Chief Executive Officer Francesco Menegoni and seven other members. Financial statements are overseen by a Board of Statutory Auditors, supported by an external audit firm. As part of an organizational streamlining program, in July 2025 BIP completed the sale of its subsidiary LOGIC S.R.L. to the Poligon Group, with the proceeds allocated to debt repayment and the strengthening of the Group’s Net Financial Position. I In October 2025, BIP established the new company LOHCATE S.R.L., now under its control, to which Serichim’s contributed its hydrogen-related business unit, including the device patented in 2023 for Dynamic Hydrogen Release (DHR), aimed at accelerating the Group’s development in the energy and environmental sectors. 

The Group’s revenues are not derived solely from the exclusive distribution of orphan drugs. They also come from the sale of the ChemoMaker robot—the Group’s first patented innovative technology—and its related consumables, from the third-party development of components and APIs for chemical and pharmaceutical companies, and from the provision of proprietary software and AI solutions to more than 270 clinics and laboratories, supported by a solid churn-rate track record.

BIP is among the leading players in its sector for companies with revenues between €2–20 million. While profitability has shown signs of improvement, it remains limited, placing the Company below the 20th percentile of its peer group. The peer group as a whole demonstrates a strengthening solvency profile, supported by solid capitalization and low financial leverage. Financial soundness is reflected in current ratio levels consistently above 1.0 throughout the analysis period (2021–2024). In 2024, sector profitability was characterized by a stable ROE at an adequate level.

In the first nine months of 2025, Gross Domestic Product (GDP) in the euro area grew by 0.9% and is expected to increase by 1.3% over the full year, driven mainly by stronger-than-expected performance in Ireland, the positive contribution of investment, and the resilience of exports. Compared with the spring forecasts, the autumn projections have been revised downward to 1.2% (-0.2 pp) for 2026, while growth in 2027 is expected to accelerate to 1.4%, supported by improving trade prospects and a solid labor market. These estimates reflect the resilience of the euro area economy, underpinned by a robust labor market, the gradual easing of inflation, favorable financing conditions, and the positive impact of funds from the Recovery and Resilience Plans, which are expected to continue stimulating investment and productivity. Nevertheless, risk remains due to uncertainty surrounding trade policies and ongoing geopolitical tensions, which could affect supply chains, slow exports, and negatively impact consumption and investment.

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

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The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Carmela Santomarco, Rating Analyst
carmela.santomarco@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com