Nordic Capital has made an offer to acquire Advanz Pharma, a UK-based specialty pharma company, for about $846 million in cash.
Advanz Pharma is said to focus strategically on complex medicines in Europe. The company’s expertise is in the anti-infectives and endocrinology therapy areas.
As per the terms of the proposed deal, Advanz Pharma’s shareholders will be paid $17.26 per share by a subsidiary (Bidco) of Nordic Capital.
Eligible Advanz Pharma shareholders can also opt to be issued unlisted shares in the BidCo structure for each of their shares, which will be issued upon, or shortly after the agreement becomes effective.
Graeme Duncan – CEO of Advanz Pharma said: “This offer highlights the value that our employees around the world have collectively contributed towards building Advanz Pharma into the strong and diverse company it is today.
“In addition, this Acquisition will significantly help the business through both the capital support, and Nordic Capital’s deep sector expertise. I am very much looking forward to working with Nordic Capital to deliver our growth targets.”
The transaction will be executed through a court sanctioned members’ scheme of arrangement.
Raj Shah – Partner and Head of Healthcare at Nordic Capital Advisors said: “As an active and supportive owner, Nordic Capital sees strong opportunities to further invest in and strengthen Advanz Pharma’s platform and to accelerate the Company’s pipeline of innovative specialty pharmaceutical products.
“We believe that Nordic Capital is an ideal partner for Advanz Pharma’s management in order to realise the Company’s long-term potential. Nordic Capital is one of the most active healthcare investors in Europe and the US, with deep experience across the pharmaceutical sector.”