Apax in $1.2bn healthcare exit

The firm has clinched its second healthcare exit since August with the sale of Qualitest Pharmaceuticals to a strategic buyer.

Apax Partners will sell Qualitest Pharmaceuticals to Endo Pharmaceuticals for approximately $1.2 billion. Apax purchased Qualitest, the sixth largest generic pharmaceutical company in the US, for an undisclosed sum in 2007.

A spokesperson for Apax was not immediately available for comment.

The deal marks the second healthcare exit for the firm since August, when it sold Voyager HospiceCare, a provider of hospice and home health services in the US, to Harden Healthcare for an undisclosed sum.

In addition to healthcare, Apax invests in the tech & telecom, retail and consumer, media and financial & business services sectors. The firm purchases majority and minority stakes in companies typically with a value of between €1 billion and €5 billion.

Last week, Apax said it would acquire a 19 percent ownership stake in SouFun, China’s largest online real estate advertising and listing company, for $163 million alongside General Atlantic, which invested an equal amount on the same terms.

In December 2009, Apax sold Marken, a company specialising in clinical trial logistics, for £975 million (€1.08 billion; $1.6 billion) to Intermediate Capital Group.

Apax Partners has around $35 billion of funds under advice and management.