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TPG to acquire Axcan Pharma for $1.3bn30/11/2007. Source: AltAssets. 
 US buy-out firm TPG Capital has agreed to acquire Canadian specialty pharmaceutical company Axcan Pharma in a deal worth approximately $1.3bn.
TPG Capital would acquire all of the common shares of the Quebec, Canada-headquartered company for $23.35 per share. The offer represents a 28 per cent premium over the average trading price of Axcan's common shares on 28 November 2007, the last trading day on NASDAQ prior to the announcement.
The transaction will be financed through a combination of equity and debt financing and is not contingent on financing commitments.
The board of directors of Axcan has approved the agreement and recommends that shareholders accept the offer.
TPG partner Todd Sisitsky said, 'We look forward to supporting this excellent management team and workforce in growing the company's global distribution capabilities and product line. Axcan will be an important addition to TPG Capital's broad healthcare portfolio,'
Axcan develops and markets prescription products to treat gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, cholestatic liver diseases and complications related to pancreatic insufficiency. The products are marketed by its own sales team in North America and Europe.
In March of this year, TPG agreed to acquired the surgery division of US healthcare services company HealthSouth Corporation for approximately $945m. Other healthcare investments include Biomet, Fenwal, IASIS Healthcare, Oxford Health Plans, Parkway Holdings, Quintiles Transnational and Surgical Care Affiliates.
Copyright © 2007 AltAssets
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