Astorg, a French buyout group, has teamed up with management and Intermediate Capital to buy Groupe Ethypharm, a French pharmaceutical firm.
Astorg will hold 60 percent of Ethypharm while chief executive and company co-founder Gérard Leduc and the management will retain 29 percent of the shares. Intermediate Capital Group and other investors will hold the remaining equity.
Ethypharm supplies other pharmaceutical groups with products that improve the effectiveness and extend the shelf-life of other drugs, reducing the overall costs of patient treatment.
The group produces about 50 different products and employs more than 800 people in production or research in France, Canada, China and India.
Thierry Timsit, Astorg managing partner, said his firm would look to improve Ethypharm’s geographical reach and expand its influence in the biotech therapy market.
Astorg, which currently has over € 1 billion of capital under management, specialises in French mid-market buyouts. It has closed 52 transactions over the last fifteen years, and claims to have delivered an annual internal rate of return of over 30 percent on realised investments. Its previous healthcare investments include Sebia and Pasteur-Cerba.