TPG-backed Aptalis to be bought by Forest Laboratories for $2.9 bln
Aptalis Pharma Inc, a specialty pharmaceutical company created in 2011 by Montréal-based Axcan Pharma Inc's acquisition of Eurand N.V., has agreed to be bought by New York-based Forest Laboratories Inc (NYSE:FRX) for US$2.9 billion. The primary seller in the transaction is U.S. private equity firm TPG, which acquired Axcan Pharma for US$1.3 billion in 2008. The deal, which will be financed by Forest through a combination of cash on hand and debt, is expected to close in the first half of 2014. Aptalis Pharma, which provides therapies for cystic fibrosis, gastrointestinal disorders and other medical needs, was previously the focus of other potential sales and a potential initial public offering, reports Reuters. The company has manufacturing and commercial operations in the United States, the European Union and Canada.
