Dear Family,
Our last Newsletter was in February 2025 — a full year ago. A lot has happened since then: governance milestones, exciting new ventures, a prestigious prize, stories from our founders, and a plot of land that is now entirely ours. From this issue onwards, we will be in touch twice a year, so you are never too far from the news.
As always, this Newsletter belongs to all of us. Read it, share it with your household, and don't hesitate to reach out with questions or ideas.
— The Family Council
🗳 Elections at the 20th July meeting: M branch representative · iNED replacement for Guido · Family Trip decisions
🗳 September elections: FC Chair re-election — Thank you, Guy!
In February 2026, Markus met with a group of NextGen family members to share his proposed skills framework — covering two tracks: Ownership and Leadership. The session was lively, with lots of great questions from the group.
Coming up for NextGen participants: a questionnaire and a 1-1 interview before May. This is a family programme — not a corporate training initiative — and your input shapes how it develops.
📋 Ownership Track
Understanding your role as a responsible family shareholder
🚀 Leadership Track
Building the skills to lead within the family and beyond
📝 Next Step
Questionnaire already in your inbox — complete it if you haven't already done so!
🤝 1-1 Interviews
Personal conversations with Markus taking place in March
Forum is where the family discusses its investments and Hovione matters. After three remarkable decades of service, Guido Meier has asked not to stand for re-election. We owe him an enormous debt of gratitude.
Following a search process that began last Spring, we are pleased to announce that Sophie Cuendet is the shortlisted candidate to replace Guido. She will be formally confirmed at the 30 March Board meeting in London.
Current Board
Every three years, the Board engages an independent third party to assess its performance — this is global best practice for strong governance. This year, we retained Spencer Stuart to lead the process.
The process includes surveys, individual interviews, and direct observation of a Board meeting. Findings will be presented at the next Board meeting and a summary shared with the family thereafter.
Raimund Steiner's September 2025 report flagged areas for improvement: clearer roles for shareholders vs. board vs. management; fostering a culture where mistakes are learning opportunities — not sources of fear; and a push for the GLT to be more strategic, delegating more and developing their people. These themes are shaping the Spencer Stuart brief.
Guess what PGSM stands for? 😘
Starting in January 2026, the PGSM group will hold bi-weekly coordination meetings to strengthen alignment before and after Board interactions. Three clear purposes:
- Track progress of the Board assessment process
- Exchange views on recent Board meetings and key decisions
- Speak as One Voice to the Board
These regular touchpoints are about transparency, thoughtful preparation, and consistency — so that family ownership is felt as a steady, considered presence rather than a reactive one.
Management presented the 5-year financial plan — a key document for strategic direction — at the Strategy Review meeting. The plan was not approved; the Board questioned the priorities and the stretched objectives presented.
There are currently some tensions between the CEO and the Board. It is important to note that this is a reflection of personality dynamics rather than any question of the CEO's competence. Board/Management relationships always have their ups and downs — this is entirely normal — and the situation is being actively addressed and managed.
Maria → Director
Becoming a full Director at the next AGM in July
Diane → Observer
Diane takes on the role of Observer
📋 The Shareholders will prepare a statement for the AGM in July — an important moment where the family gives formal feedback to the Board.
Santiago and Maria have both shared glowing feedback from their time as Board and committee observers. The programme gives NextGen members a front-row seat to how the Board actually works — invaluable experience for future ownership responsibilities.
🙋 Who would like to be next? If you're interested in joining as an observer, reach out to the FC. Spots are limited and it's a genuinely enriching experience.
Hovione asked our family to help produce short video clips for the Hovione TV channel — broadcast every Friday on the One Hovione app. Diane has already produced three clips to very positive reception. These stories are too important to be forgotten.
| # | Story |
|---|---|
| 1 | Ivan's escape to Lisbon — from enemies of the people under Stalin's Lysenko to serving patients worldwide |
| 2 | 1982 — The one fatality in 66 years. A story the family has not forgotten |
| 3 | 1970 — The broken flask — a 50-litre round bottom flask breaks, 3 months' work lost. How the company survived |
| 4 | The chemistry of Doxy — HF as solvent, homogeneous catalysis, and supplying thousands of tons over 40 years |
| 5 | 1987 — Macau — $5m invested when the company sold $5m. "Pass-me-down" QC equipment that won an EU award 30 years later |
| 6 | Sofia in Hong Kong, January 1987 — a small young team, FDA approval in July '87, opening the US market |
| 7 | Chinese New Year, ~1990 — Aguas didn't show up. Amex found him in hospital. Carlos flew to rescue him |
| 8 | PP01 — Courageous chemistry — nobody wanted to do it. Ivan and Dionísio said yes |
| 9 | 30 August 1997 — The pivot from generics to services in one day. B15: from existential crisis to California success |
| 10 | Non-compliance events — PMDA Japan and Cork (Harvoni launch). Making the most of a very bad situation |
🎉 After years of waiting, we have finally purchased the last remaining plot of land within the walled Monte de Manique. The plot measures 6,560 m², acquired for just €25,000 (under €4/m²) via right of first refusal — well below the seller's previous asking price of €40,000. A very good deal.
The property will be held in trust by PANTOCAMPO on behalf of Peter, Guy, Sofia and Miguel. Peter, Guy and Miguel will each reimburse Sofia €6,560 to reflect their equal shares.
Sofia will open a conversation with the previous prospective buyer — the goal is to protect the character of the land while allowing for responsible shared use, for example in exchange for forestry maintenance. A true win-win.
We won! The Family Council Chair opened with a heartfelt congratulation to the whole family on being awarded the Leonardo da Vinci Prize by Les Henokiens — a remarkable recognition of Hovione's heritage, longevity, and values.
Special thanks are owed to Peter, who had the idea, pushed when others didn't, prepared the entire application, and steered the candidacy from start to finish.
"Tio Peti! Muito obrigado por ter tido a iniciativa de candidatar a Hovione ao Prémio Leonardo da Vinci, por ter insistido quando ninguém mais o fez, por ter preparado toda a candidatura e, sobretudo, por ter proporcionado à avó e a todos os tios o devido reconhecimento por todo o trabalho e dedicação que deram à Hovione durante a vida… Os Villax são sempre muito humildes e discretos, mas de vez em quando são precisos momentos destes! Que orgulho fazer parte desta família!"
— A 3rd generation family member, message read at the Family Council
A group of 3G family members has been exploring a potential new venture: applying Hovione's Dispersome technology to the nutraceuticals space — where its bioavailability advantages could create a compelling consumer proposition.
Given that nutraceuticals operate very differently from pharma — different speed, different commercial mindset — a spin-off structure is being considered. The group has documented the opportunity and is currently stress-testing what still needs to be proven before any "go" decision.
Led by Sofia Villax, the Patronage Committee continues to shape how the family gives back. All proposed projects will be documented and shared with the full family going forward.
A current challenge: non-Portuguese executive members have limited engagement with the committee. This is something the FC is actively working to improve.
Luca and Philip joined the FC in April 2025, replacing Maria and Santiago. Maria has stayed on in her role as Family Office Manager. A warm thank you to Santiago for his service.
All copies of the original Hovione 50-year book are gone. The FC has decided to reprint it "as is", marked as a 2nd edition — with a completely new volume as a future aspiration. Watch this space.
- Family Trip plans — decision required
- Re-elect 3 FC members — Thank you Afonso, Sara and Eduardo
- Re-elect Investment Committee Chair — Thank you Nick
- Re-elect Events Committee Chair — Thank you Santiago
- 20 July: M branch representative election
- 20 July: iNED election — replacing Guido Meier
- September: FC Chair re-election — Thank you Guy
📌 Previous Newsletters: Newsletter #3 · Newsletter #2 · Newsletter #1 — all available from the Family Office.