Pacific Equity Partners and Carlyle Group have agreed to buy iNova Pharmaceuticals for $930 million. Valeant Pharmaceuticals International is the seller. INova, of Australia, provides drugs for weight management, pain management, cardiology as well as cough and cold. Pacific Equity Partners and Carlyle were advised by Gilbert + Tobin, Allier Capital, Credit Suisse, Bank of America Merrill Lynch, UBS and Macquarie Bank.
SYDNEY Australia – Pacific Equity Partners and The Carlyle Group today announced that a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group has entered into a sale and purchase agreement with Valeant Pharmaceuticals International, Inc. to acquire the iNova Pharmaceuticals business for $930 million in cash. The transaction is subject to regulatory approvals.
iNova markets a diversified portfolio of prescription and OTC products in areas such as weight management, pain management, cardiology and cough and cold and operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.
David Bluff, Managing Director of The Carlyle Group, said, “We are very pleased to have finalised an agreement to acquire iNova. This is a strong company with great products with growth opportunities particularly in new markets.”
“Carlyle has a proven track record of creating value in the global healthcare sector. We look forward to supporting iNova with our industry expertise and global resources and will continue working with the management, suppliers and customers of the business to deliver innovative products and quality customer service.”
David Brown, Managing Director of Pacific Equity Partners, said, “We intend to build on iNova’s diversified healthcare platform by investing in product development, geographical expansion, marketing, staff and potential acquisitions of additional brands.”
“We are now working with Valeant and the relevant regulatory authorities to close the transaction in the second half of 2017.”
For Carlyle, equity for this transaction will come from Carlyle Asia Partners IV.
Pacific Equity Partners and The Carlyle Group have been advised by Gilbert + Tobin, Allier Capital, Credit Suisse, Bank of America Merrill Lynch, UBS and Macquarie Bank.