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TPG’s stalled $3bn Aptalis sale revived through returning Forest Labs interest

8 Jan 2014

drug pharma bottleTPG Capital’s stalled sale process for drugmaker Aptalis Pharma could be back on after it emerged previously interested party Forest Laboratories was nearing a $3bn buyout.

A deal announcement could come as soon as tomorrow according to Reuters, which cited a person familiar with the matter who said negotiations were still being finalised.

TPG reportedly hired underwriters for an IPO of Aptalis in October after its plans to sell the company for more than $3bn failed.

That news came less than three months after the firm hired JP Morgan and Evercore Partners to explore the sale of the Canada-based business.

Forest was said to be interested at the time but talks were put on hold when Forest chief executive Howard Solomon announce he would retire, Reuters’ sources said.

TPG bought the drugmaker for $1.3bn in 2007, when it was known as Axcan Pharma, before merging it with Euran Pharmaceuticals in 2011 and renaming it Aptalis.

The company develops and markets prescription products to treat gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, and cholestaticliver diseases.

It recorded revenues of $615m and EBITDA of $269m for fiscal 2012, according to an earlier Reuters report.

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