RoundTable Healthcare Partners has agreed to sell Bioniche Pharma Holdings Ltd., an Ireland-based injectable drugmaker, to Mylan Inc. (Nasdaq: MYL) The deal is valued at $550 million in cash.
RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the health-care industry, announced today that it has entered into a definitive agreement to sell one of its portfolio companies, Bioniche Pharma Holdings Limited (“Bioniche Pharma”) to Mylan Inc. (“Mylan”), a leading, global generic and specialty pharmaceutical company, for $550 million in cash. The closing is conditional on regulatory approval and other customary closing conditions.
Bioniche Pharma is a fully-integrated, global specialty sterile injectable pharmaceutical company based in Ireland with a majority of its sales in the United States. RoundTable acquired a majority interest in the company in February 2006. The ICC Private Equity Fund managed by the Venture Capital Division of Bank of Scotland (Ireland) Ltd. is selling its minority shareholding in Bioniche Pharma as part of the transaction. Bioniche Pharma’s revenue increased six-fold during RoundTable’s investment period.
“Bioniche Pharma’s exceptional management team and dedicated employees have driven the company to become a leading, generic and specialty injectable pharmaceutical company,” said Jack McGinley, a Founding Partner of RoundTable and the Chairman of the Board of Bioniche Pharma. “We believe Mylan is an excellent strategic partner for the company, its employees and customers going forward.”
“RoundTable has been an ideal partner for Bioniche Pharma,” said Steve Thornton, CEO of Bioniche Pharma. “They have supported substantial investments in our employees, research and development, facilities and business development activities. Their operating and transaction teams’ relationships, guidance and resources have been instrumental to achieving our success.”
“RoundTable has been an excellent, valued-added partner in our Bioniche Pharma investment, and we congratulate the management team and employees in building a strong company,” said Pat McGrath, Director, Venture Capital of Bank ofScotland (Ireland) Ltd. and Board Director of Bioniche Pharma.
Deutsche Bank Securities Inc. acted as exclusive financial advisor to Bioniche Pharma. Kirkland & Ellis LLP acted as lead legal counsel, and Beauchamps Solicitors served as Irish legal counsel to RoundTable.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the health-care industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.1 billion in capital, including two equity funds totaling $900 million and a subordinated debt fund of $200 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.