Private equity-backed biotherapeutics company Ikaria could be sold for around $2bn as its owners seek an exit, Reuters has reported.
The company was formed in 2007 when private equity firm New Mountain Capital agreed to acquire a stake in INO Therapeutics, a specialist in gaseous drugs including inhaled nitric oxide, from The Linde Group. Other investors include Arch Venture Partners and Venrock Associates Its owners took home a $475m distribution in 2012, Reuters said.
The company has hired Morgan Stanley and Credit Suisse Group to explore a potential sale, the report noted. It recorded annual revenues of $361m to March 2013.
Ikaria previously sought to IPO in 2010, but decided against it due to market conditions.
Earlier this year New Mountain was reported to have hired Credit Suisse to help with its $3bn fundraise.
Copyright © 2013 AltAssets