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Archer, Ironbridge eye sale of iNova Pharmaceuticals

15 Sep 2011

Australian buy-out firms Ironbridge and Archer Capital are looking to sell their stake in iNova Pharmaceuticals for a value of between A$700m ($717.5m) and A$850m ($871m).

According to the Wall Street Journal, The firms previously considered floating iNova but delayed the offering due to the recent economic downturn, deciding to sell the company instead after receiving interest from overseas buyers.

Archer and Ironbridge have appointed Greenhill Caliburn to advise on the auction and are looking to sell the company by the end of the year. Failing that, an initial public offering in 2012 could still be an option if market conditions improve, they said.

iNova is an Australian pharmaceutical company that produces consumer healthcare and specialty prescription brands for over 15 countries, including Australia, New Zealand, Asia Pacific and Africa regions.

Its portfolio includes in-licensed and in-house developed drugs in pain management, weight management, allergy, sexual health, dermatology, cardiology and respiratory health. Products include Difflam, Duro-Tuss, Hiprex, Metsal and Cal-Sup.

Archer and Ironbridge initially co-led the $450m acquisition of iNova Pharmaceuticals in December 2006, when it went under the brand name of 3M.

Following a long and complicated sale process, Archer and partnering firm Harbourvest exited their share of Australian business software developer MYOB last month to Bain Capital, for a reported A$1.2bn ($1.3bn).

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