The firm had hired JP Morgan and Evercore Partners to explore the sale of the Canada-based business in August, but was unable to broker a deal and began investigating an IPO in October.
Forest was said to be interested in a buyout but talks were put on hold when its chief executive Howard Solomon announced 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.
Copyright © 2014 AltAssets