Carlyle, PEP to pay $930m for Australian pharma player

Carlyle is investing through its Asia Partners IV fund, which closed in 2014 at $3.9 billion. PEP is currently deploying its fifth vehicle, which has a corpus of A$2.1 billion ($1.5 billion). Equity stakes were not disclosed. The transaction is expected to close in the second half of the year subject to regulatory approvals.

"This is a strong company with great products with growth opportunities particularly in new markets," David Bluff, a managing director at Carlyle, said in a statement. "We look forward to supporting iNova with our industry expertise and global resources and will continue working with the management, suppliers and customers of the business to deliver innovative products and quality customer service."

Founded in 2006, iNova markets a range of prescription drugs and branded over-the-counter generics in areas including weight management, pain relief, cardiology, dermatology, gastrointestinal disorders, eye health, and cough-and-cold. It operates in more than 15 countries, with significant positions in Australia, Asia and South Africa.

The company was acquired in 2011 by current vendor Valeant Pharmaceuticals International for A$700 million ($528 million), facilitating an exit for Australian GPs Archer Capital and Ironbridge Capital. The two firms had taken control of the company in 2006 for $349 million.

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• Topics
• Australasia
• Healthcare
• Buyouts
• Australia
• The Carlyle Group
• Pacific Equity Partners
• Pharmaceuticals