TPG in $2.9bn pharma exit

The firm is exiting Aptalis, which it acquired in 2008 for $1.3bn.

TPG Capital will sell specialty pharmaceutical company Aptalis to Forest Laboratories for $2.9 billion in cash, according to a statement.

Aptalis develops and markets prescription products treating gastrointestinal diseases. TPG acquired the company, formerly known as Axcan Pharma, for $1.3 billion in 2008. Axcan rebranded into Aptalis when it merged with pharmaceutical company Eurand in 2011. The sale is expected to close during the first half of 2014.

“Under TPG’s ownership, Aptalis has grown through internal product development and acquisitions, and now our new, larger, multi-national owner will provide increased opportunities,” Aptalis president and chief executive officer Frank Verwiel said in the statement.

TPG declined to comment.

TPG has made several sizeable investments in the healthcare sector, including donor center and laboratory manufacturer Immucor, which the firm acquired in 2011 for $1.97 billion. 

TPG is marketing its TPG Partners Fund VII, which has a $12 billion target, and its credit-focused TPG Opportunities Fund III, which is targeting $2.5 billion, according to Private Equity International’s Research and Analytics division.

TPG was founded in 1992 and has $55.7 billion of assets under management.