European buyout firm BC Partners has agreed to acquire a majority stake in Athens-based pharmaceutical company Pharmathen, according to a statement from BC partners.
The private equity firm is acquiring an 80 percent holding in the pharmaceutical developer, manufacturer and marketer for an enterprise value of about €500 million ($563 million; £367 million).
Pharmathen's founders will remain shareholders in the company, which BC Partners plans to expand through new product development and international bolt-on acquisitions in the generic pharmaceutical sector. The company reported sales of €140 million in 2014.
The transaction is expected to close in the third quarter.
BC Partners is making the investment thought its BC European Capital IX fund, a 2011-vintage vehicle that has commitments totalling €6.7 billion.
BC Partners announced in May that it was selling down part of the stake held by BCEC IX in US cable operator Suddenlink to telecommunications company Altice, as previously reported in Private Equity International . When the deal completes, expected toward the end of the year, BC Partners will receive around $960 million and a vendor note of about $200 million.