Private equity firms Avista Capital Partners and Nordic Capital have jointly launching a public tender offer to acquire all outstanding shares of Swiss-based pharmaceutical company Acino Holding for CHF398m (€325m), or CHF115 per share.
The offer price represents a 33 per cent premium on the shares of the SIX Swiss Exchange-listed company, compared with Acino’s closing share price on 1 October 2013, and a 53 per cent premium to the volume weighted average price during the last 60 trading days prior to the offer.
The deal will be made via Pharma Strategy Partners, a wholly-owned subsidiary of Avista and Nordic Capital, which is investing either through its Nordic Capital Fund VII or Nordic Capital Fund VIII vehicles.
In recent years, Acino has developed its business from a Central European pharmaceutical supplier into a diversified pharmaceutical company with a portfolio of products and services, distinct customer groups, and worldwide operations, according to the private equity duo. The company’s growth strategy is centered around its “core competence in advanced drug delivery, as a pivotal value driver, and its expanding presence in the emerging markets”, they said.
The company’s board of directors and management are “convinced” that substantial financial resources are required to further exploit the potential of the company’s in-house innovation, drive sales growth, support profit improvements, and strengthen its competitive position.
Avista and Nordic Capital also said they believe that “significant” opportunities exist to further support the development of Acino under private ownership. The investors are prepared to commit substantial capital as well as utilise their experienced global healthcare network to further expand upon Acino’s growth strategy and in order to capitalise on the company’s future opportunities from its Swiss home base.
Additionally, the pair expressed their intention for the company to continue operating its main sites in Switzerland and Germany, in partnership with the management and employees of Acino.
Dr Håkan Björklund is expected to be nominated as the new chairman of the board, and was formerly CEO of Nycomed under the ownership of Nordic Capital and Avista.
Company chairman Luzi von Bidder, said, “We are excited about this transaction as it combines compelling value to our shareholders with a long-term vision for Acino and its employees. Avista and Nordic Capital are well-suited partners for Acino. They have proven ‘buy and build’ capabilities and the financial resources that will significantly enhance Acino’s growth opportunities.”
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